Swiss Step Into Currency Market as Greece Adds to SNB’s Woes
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Greece’s decision to effectively call a public vote on its euro-area membership is one more blow for Switzerland, the country where overwhelming demand for its currency is pushing it toward a recession.
Swiss National Bank President Thomas Jordan confirmed on Monday that the central bank intervened in markets overnight. That helped reduce gains that had pushed the franc to its highest level in almost four weeks against the euro. Traders turned to the relative safety of Swiss assets after Greek Prime Minister Alexis Tsipras called a referendum late on Friday on the terms of a deal from international creditors.