FX NOW! USD/CHF, EUR/CHF Flows- SNB did not like CHF trend, so they are trying to change it
Mar 09: 18:35(LDN) - FX NOW! USD/CHF, EUR/CHF Flows- SNB did not like CHF trend, so they are trying to change it
SNB has never been a particularly subtle institution and the flagging performance of the Swiss economy has prompted Swiss central bankers to warn the market more than once that they were prepared to do whatever is necessary to support the economy. Today's rate cut and program to buy bonds is vaguely similar to steps taken by many other central banks. But, the announcement that they were going to buy other currencies to soften the CHF was a surprise. One wonders what kind opf precident has been set. M.B.
