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Swiss franc shines bright, but will SNB clip its wings?
Even though it hasn’t attracted many headlines, the Swiss franc has gone on a silent winning streak. It is virtually tied with the British pound as the top-performing currency of this year, while it has gained more than 3% against both the US dollar and the euro. Against the bruised Japanese yen, the franc has appreciated by around 15%, pushing the franc/yen cross to new record highs. Several elements lie behind this impressive performance. First and foremost has been the Swiss National Bank’s exit from negative interest rates. With the central bank raising rates back into positive territory, global depositors ... (full story)