Mecklai Graph of the Day: Will SNB defend EURCHF?
SNB Chairman Philipp Hildebrand surprisingly announced his resignation on Monday, in wake of recent currency scandal surrounding his wife who had purchased Dollars at very cheap rates against the Franc. This transaction was performed back in early August, just days before the SNB increased EURCHF floor cap to 1.20, in turn leading to massive rally in EURCHF from underneath 1.05 handle to inch towards 1.25.
In a knee jerk reaction to Hildebrand
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