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15 Jan 2015
USD/CHF trades below 0.8800, Jordan conference eyed
FXStreet (Córdoba) - The Swiss franc strengthened aggressively and broadly on Thursday after the SNB caught market off guard and removed the cap on the franc while lowering deposits rate to -0.75%.
USD/CHF, that was trading near 4-year highs around 1.0200, saw an instant drop and fell to its lowest level since August 2011, days before the central bank set up the EUR/CHF floor.
At time of writing, USD/CHF is trading at the 0.8775 area, 13.87% below its opening price, having touched a low of 0.7462 so far.
Attention now turns to SNB President Jordan, who will hold a press conference to discuss the decision.
USD/CHF, that was trading near 4-year highs around 1.0200, saw an instant drop and fell to its lowest level since August 2011, days before the central bank set up the EUR/CHF floor.
At time of writing, USD/CHF is trading at the 0.8775 area, 13.87% below its opening price, having touched a low of 0.7462 so far.
Attention now turns to SNB President Jordan, who will hold a press conference to discuss the decision.