Long Swiss franc players hit by SNB move
Sudden depreciation of the Swiss franc, following an SNB announcement last Tuesday that it would buy unlimited amounts of foreign currency, has left some participants nursing hefty losses
A number of hedge funds, commodity trading advisers and private investors have been burnt by the sudden depreciation in the Swiss franc, following the currency floor imposed by the Swiss National Bank (SNB) last Tuesday.
On September 6, the SNB put out a strongly worded statement announcing a minimum exchange rate for the Swiss franc, declaring it would no longer tolerate a €/Sfr exchange rate below 1.20.
“The SNB will enforce this minimum rate with the utmost determination and is prepared to
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