By CountingPips.com
The Swiss franc has depreciated heavily in forex trading today as there is speculation (Bloomberg story) that the Swiss National Bank has intervened in the market. The SNB has sold Swiss francs in the forex market this year to great effect in order to halt the rise in value of the franc against the euro and US dollar in an effort to control price stability.
Today, the euro has spiked higher against the franc by approximately 300 pips from the opening rate of 1.5020 at 00:00 GMT to trading at 1.5334 in the afternoon of the US trading session at 12:48pm ET. The US dollar has also spiked higher by 300 pips from the 1.0662 opening to trading at 1.0971.
Previous articles on SNB intervention:
EUR/CHF Forex Chart -Euro spiking higher today versus the Franc as the SNB may have intervened in the market to sell the Franc.
