SNB Confirms Intervention in FX Market to Depreciate CHF

The Swiss franc retreated on Friday from its highest level since last August against the euro, after the Swiss National Bank confirmed it was intervening in the currency market to stem its rise.

The franc, treated as a safe-haven currency during times of financial market turmoil, had risen after Britain voted to leave the European Union in a historic decision earlier in the day.

The euro recovered to trade 0.6 percent lower on the day at 1.0846 francs, having hit a low of 1.0623 francs early in the London session

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza