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Swiss National Bank cuts interest rate. USD/CHF and EUR/CHF jump

03.08.2011, 07:39:56 AM

by Around FX

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The central bank of Switzerland dramatically cut its interest rate in the morning in order to fight the strength of the CHF. The SNB (Swiss national bank) was unable to stop its currency from strengthening using direct intervention in fx markets, and therefore resorted to indirect intervention. The bank said in an announcement that it was ready to act further if needed. They added that the strength of the Swissie threatening the economy.

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