The Swiss Hammer
The cage fight between the SNB and FX speculators continue with the most recent round seeing the SNB coming out fists flying aiming for a knock-out.
The Swiss central bank said it’s setting a minimum franc exchange against the euro and will defend the target with the “utmost determination” if needed.The Swiss National Bank is “aiming for a substantial and sustained weakening of the franc,” the Zurich-based bank said in an e-mailed statement today. “With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs” and “is prepared to buy foreign currency in unlimited quantities.”
And the result, cold steel for the long swissies.
For now ...