Franc Weakens as SNB’s Logical Move Surprises Markets

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<p>The Swiss National Bank left its key interest rate unchanged at 1.75%. On average, markets had been predicting a 25-basis point hike, contrary to our expectations. Most likely, market participants’ forecasts were influenced by the ECB rate hike a week earlier. In addition, policy tightening expected in Sweden and Norway indeed took place. But there […]</p>
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