The crisis in Ukraine has reinforced the Swiss franc’s status as the leading safe haven currency in Europe and left the SNB facing an even harder task as it tries to stabilise its currency. The CHF has been a principal beneficiary of capital inflows triggered by the Russian incursion and earlier this month the central bank took the unusual step of issuing a statement specifically underlining its willingness to intervene. This was the first time that the monetary authority has taken such action since the surprise UK vote to leave the EU back in 2016. This suggests that, even more than normal, the currency markets will ... (full story)