CFTC/NFA Response to the Swiss Franc Move

Roughly a month ago the Swiss National Bank rocked the world with a surprise announcement. During the middle of the night on January 15, 2015, Swiss banking authorities announced they would lift a three year exchange rate target of 1.20 Francs per Euro; a decision almost no one saw coming. The result? A meteoric rise in the value of the Franc against both the Euro and the US Dollar in a matter of minutes. At one point the Franc had rallied as much as 39%; a staggering move for any market but a real record setter for global foreign currency…

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