8/9/2019 EES Abandons CHF

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Wednesday, May 05, 2010Page | 1

EES abandons CHF is EUR/ CHF controlled by the SNB?

CHF

The Swiss franc depreciated vis--vis the U.S. dollar today as the greenback tested offers around the CHF1.0945 level and was supported around the CHF 1.0840 level. Data released this weekend confirmed the SwissNational Bank has spent more than CHF 40 billion to buy euro this year with CHF 30.2 billion in franc sales inthe first quarter alone. Data Swiss National Bank President Hildebrand last week said the SNB will continue tocounter any excessive gains of the franc, noting there would be a negative impact if the franc appreciatessharply due to its role as a safe haven currency. Hildebrand noted the SNB will not allow such adevelopment to turn into a new deflation hazard and is acting decisively to prevent an excessiveappreciation. Hildebrand also called on European leaders to conclude negotiations over Greeces aid packagerapidly. April consumer price inflation data will be released on Thursday. U.S. dollar offers are cited aroundthe CHF 1.0930 level. The euro moved lower vis--vis the Swiss franc as the single currency tested bids aroundthe CHF 1.4320 level while the British pound appreciated vis--vis the Swiss franc and tested offers around theCHF 1.6595 level. i

EUR/ CHF Daily Chart

EUR/ CHF Hourly Chart

This does not look like a currency chart.

8/9/2019 EES Abandons CHF

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