Swiss Central Bank Hopelessly Defending The Euro Again

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Not again. How can the Swiss Central Bank believe that markets are scared by its intervention efforts? Japan is one thing, when it intervenes with the dollar and yen. Japan gets help from other Asian nations as well.

Reuters:

The euro rose against the Swiss franc on Tuesday, with traders saying the Swiss central bank was seen buying euros in suspected intervention against the Swiss franc in Asian trading hours.

The euro jumped from 1.4635 Swiss francs to 1.4684 in about 10 minutes. Two traders at European banks said the SNB had been seen buying the euro against the Swiss franc on trading platform EBS.

Officials at the Swiss National Bank declined comment.

Switzerland looks like it is just throwing its money away to the fx traders. Too bad we don’t have the stones to play short-term currency.

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