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Franc Gains After Hildebrand Resigns

January 9, 2012 at 23:13 by Vladimir Vyun

Thousand francsThe Swiss franc climbed today after Philipp Hildebrand, Chairman of the Swiss Nation Bank, resigned from his post after currency trades of his wife compromised his credibility as a central bank’s chief.

Transactions of Hildebrand‘s wife on the foreign-currency exchange market led public to believe that Chairman’s family used an inside information for profit. Hildebrand said he hasn’t known about the activity of his wife. He disclosed the private financial transactions that occurred in August 2011, but explained he has “come to the conclusion that it is not possible to provide conclusive and final evidence” that his wife “did indeed initiate the foreign exchange transaction on the 15th August without” his knowledge.

Vice President Thomas Jordan was appointed as a temporary head of the central bank. Analysts think that the SNB won’t change its policy regarding the franc. Indeed, the bank said:

The SNB’s current monetary policy with a minimum exchange rate of CHF 1.20 against the euro remains unchanged. This policy will be pursued further with the utmost determination.

USD/CHF slipped from 0.9573 to 0.9491 and EUR/CHF went down from 1.2149 to 1.2115 as of 23:13 GMT today. CHF/JPY advanced from 80.28 to 80.93

If you have any questions, comments, or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.

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