Phillipp Hildebrand Swiss National Bank

Photo: AP

Just announced: SNB Chief Philipp Hildebrand has resigned.The head of the Swiss National Bank has been in the line of fire for the last few days, thanks to some timely forex trades made by his wife.

Specifically, she bought dollars not long before the Swiss National Bank established a ceiling on its strength against the Euro.

More context on it can be found here.

The full announcement is just this:

Swiss National Bank Chairman, Philipp Hildebrand, resigns with immediate effect
Effective immediately, Philipp Hildebrand is resigning from his office as Chairman of the Governing Board of the Swiss National Bank.
He will make a statement on his decision at 3.15 pm in the conference room of the Federal Parliament’s Media Centre, Bundesgasse 8, and will also make a number of documents available.

Here’s USD/CHF, as you can see it got quite wiggly over the last few minutes.


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