Switzerland back to battling might of currency markets

London

THE Swiss National Bank may have abandoned its currency cap, but that doesn't mean it has stopped capping its currency.

While policy makers haven't confirmed it, they're defending a de facto franc limit more than 10 per cent stronger than the one they scrapped 21 months ago, according to Bank of America Corp and the wealth-management unit of UBS Group AG. The franc appreciated to this 1.08-per-euro threshold four times since mid-year, and each time snapped back.