The SNB was already voicing its discomfort with the level of currency appreciation before the recent geopolitical events, which accelerated that trend. As such, bar a significant unwinding of these pressures, we would not be surprised if the Swiss central bank were to announce, in the coming weeks, measures to contain the speed and level of appreciation of its currency.



1Trading Economics, as at 10 March 2022
2Danmarks Nationalbank, as at 10 March 2022




Swissie: a casual term for the Swiss franc in foreign exchange markets.


Volatility: the rate and extent at which the price of a portfolio, security or index, moves up and down. If the price swings up and down with large movements, it has high volatility. If the price moves more slowly and to a lesser extent, it has lower volatility. It is used as a measure of the riskiness of an investment.