“There were strong expectations, maybe too much, in terms of interventions or a peg,” said Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas, in a Bloomberg report. “What we’re seeing here is disappointment” and “it’s going to be very difficult for the SNB to stand in the way of the foreign-exchange markets, which will want to push the franc higher,” he said.
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Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.