Investors caught out by strength of Swiss franc and yen

Intervention from Swiss and Japanese authorities last week to weaken currencies meets with mixed success and leaves trading desks facing uncertain environment

Dan O'Sullivan at Societe Generale
Dan O'Sullivan, Société Générale CIB

Foreign exchange markets were unseasonably volatile last week after both the Swiss National Bank (SNB) and Japanese authorities took action to weaken their currencies, which had both appreciated significantly as a result of safe-haven status, causing pain for some investors.

"The Swiss National Bank considers the Swiss franc to be massively overvalued at present. The SNB is keeping a close watch on developments in the foreign exchange market and will take further measures against the strength of

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