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As Euro Collapses, Large Swiss Bidder Stands Ready To Buy
The Swiss National Bank's floor for the euro against the Swiss franc was held up by a large bidder that stepped in to buy EUR7 billion of the common currency Wednesday, according to three traders with knowledge of the transactions. For several weeks, a bidder has held standing orders to buy the euro against the Swiss franc at between CHF1.2010 and CHF1.2005, which it carried out through Rabobank, traders said. The Netherlands-based bank was likely acting on behalf of the Swiss central bank, they said, helping preserve Switzerland's competitiveness by preventing a more dramatic drop in the euro. A spokesperson at ... (full story)
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