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Thursday, April 1, 2010

Wells Fargo (NYSE:WFC): Swiss National Bank Intervention

Swiss National Bank Intervention

After the euro rose against the Swiss franc and U.S. dollar today, rumors circulated there was intervention from Swiss National Bank, which they declined to comment on. Wells Fargo (NYSE:WFC) currency strategist Vassili Serebriakov said, "There was suspected intervention by the Swiss National Bank. The sharpest movement in the euro was against the Swiss franc, but it looks like it also helped the single currency across the board."

Others agreed there was no doubt Swiss National Bank intervened, but assume there will never be a confirmation they indeed did.

The gain by the euro against the franc was the best performance in nine months.

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