EU EURO COUNTRIES: 'Aggressive' Swiss National Bank Move Shakes Up Markets - CNBC

Tuesday, September 6, 2011

'Aggressive' Swiss National Bank Move Shakes Up Markets - CNBC

'Aggressive' Swiss National Bank Move Shakes Up Markets - CNBC

1 comment:

RAYLOKESeptember 6, 2011 at 10:15 AM
"With immediate effect, it will no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20," it said. "The SNB will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities."

"It needs to be aggressive to turn the tide for the Swissie and to take the shine off its safe haven status. So, this is an endurance contest whereby the SNB needs to fight hard against a market that could soon test its resolve," Paul Mackel, senior FX strategist and head of Asian currency research at HSBC, wrote in a note.
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