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Rise of Swiss franc exposes limitations of central bank power
The Swiss franc is 12 per cent stronger than the abandoned ceiling and is the best-performing major currency this year. Options imply a 52 per cent chance of it strengthening to one per euro in 12 months.
PHOTO: REUTERS
London
THOMAS Jordan's struggle to control the franc shows just how unforgiving foreign exchange markets can be.
The first two-month drop against the euro since April last year hasn't convinced traders to give up on another rally in Switzerland's currency. Options still show a...
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