Getting it right on Swiss franc strength
Of all major currencies, few have endured quite as dramatic a ride in 2011 as the Swiss franc. As the eurozone crisis escalated beyond all expectations, widespread safe-haven flows drove the franc higher and higher, with USD/CHF falling from 1.00 a year ago to a low of 0.71 in August before it rebounded as a result of intervention by the Swiss National Bank (SNB).
Few could have predicted quite how strong the Swiss franc would become, or that the SNB would be provoked to impose a floor of 1.20
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