The Swiss National Bank pledged to defend its cap on the franc, saying the currency remains strong after it rose to a 14-month high. The Zurich-based central bank, led by President Thomas Jordan, kept its ceiling on the franc at 1.20 per euro and the target range for its benchmark interest rate unchanged at zero percent to 0.25 percent, as forecast by all economists in a Bloomberg News survey. The central bank set the minimum exchange rate in September 2011 to shield Switzerland from deflation and a recession after investor anxiety caused by the region’s debt crisis pushed the franc close to parity with the euro. ... (full story)