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SNB Poised To Repeat Dubious History
By setting an exchange-rate floor, the Swiss National Bank is setting itself up to fail. When the euro breached the SNB's floor last week, senior foreign-exchange dealers wrote off the move as a technicality and not a true test of the central bank's resolve. If history is any gauge, a real test is coming. Speculators will once again attack the floor, hoping to break the back of the central bank. But just by saying it wants to keep the euro-Swiss franc exchange rate above CHF1.20, a person who 20 years ago found himself in a similar position as this small European nation's central bankers believes the SNB may have ... (full story)
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