Swiss left helpless in currency wars as franc keeps surging

Edinburgh

SWITZERLAND is running out of ammunition to fight the global currency wars.

In the three months since the Swiss National Bank scrapped the franc's ceiling against the euro, it's intervened in currency markets, cut interest rates and on Wednesday made more depositors subject to its negative rates. Yet the franc has still gained the most among its Group-of-10 peers this year, with traders positioned for further strength.