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The Chairman of Swiss National Bank Thomas Jordan hit the Franc after he signaled commitment to defending the excessive currency gains and the set cap.
Jordan said the Franc has appreciated sharply in the last period and it shouldn't be like that as policy makers will not leave that happen and will stop this appreciation of the Franc.
"Given this difficult environment, we remain firmly committed to defending the minimum exchange rate of 1.20 francs per euro, where this commitment applies at any time, from the moment the market opens in Sydney on Monday to when it closes in New York on Friday. We will not tolerate any trading below the minimum rate" Jordan said.
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These comments were able to push the Franc lower against the dollar and the Euro, where the Euro against the Franc opened the today's session at 1.20597 and rose especially after Jordan's comments to reach a high of 1.20873 after it reached a low of 1.20575.
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