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Swiss Franc Gains May Endure as SNB Not Seen Intervening in FX
Traders awaiting the Swiss National Bank’s take on the franc’s full-steam rally in recent months have but one question on their minds: is it time to abandon ship? Not quite, according to Nordea Bank AB. “We don’t dare to short the franc at the moment,” said strategist Andreas Steno Larsen. The central bank has so far refrained from intervening in the market to stem franc strength -- which runs counter to the policy goal of price stability -- and that suggests the SNB is unlikely to resort to anything more than “verbal intervention” at this week’s meeting, he said. At Thursday’s meeting, the Swiss ... (full story)