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The Euro weakened during the weekend but managed to recover some ground this morning, with the move attributed to reported Forex market intervention by the Swiss National Bank.
According to a report by the Financial Times, the SNB intervened overnight following a fall of the EUR against the CHF, as investors sought the safety of the Swiss currency amid worsening of the Greek situation.
A spokeswoman for the SNB has confirmed to fastFT that the SNB took action overnight to stabilise the currency market. The intervention is in tune with comments by Thomas Jordan, chairman of SNB’s governing board, at a conference in Bern this morning.
The news comes after similar remarks by Jordan last week. He said back then that the SNB would act against a market rush to purchase what he already sees as overvalued Swiss francs. He warned of significant market turbulence if Greece leaves the eurozone.
EUR/CHF chart for June 26- June 29, 2015.
Chart source: barchart.com