During yesterday's press conference, Christine Lagarde tried to suppress market expectations for an interest rate cut, which she succeeded to some extent. This was reflected in the strengthening euro exchange rate. [...]

The recent behavior of the Swiss franc may have suggested SNB's return to a "ceiling" policy. The strong appreciation of the CHF against the major currencies, among others, is clearly not in the hands of the Central Bank of Switzerland.

The Swiss franc, although slightly less liquid than the euro and pound, is still eagerly purchased by currency market investors. Most likely, the problem of the periodic high volatility of this currency is [...]