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EUR/CHF spikes higher after SNB holds rates

The Swiss National Bank (SNB) have just announced the outcome of their monetary policy decision and they have decided to keep their benchmark rate unchanged, at 1.75%. Now many in the markets had expected this to be increased to 2%. So, the impact of this unchanged decision has seen the Swiss Franc weaken. The EUR/CHF has spiked higher on the news. Earlier this morning the EUR/CHF was trading below 0.9570. It has now jumped to as high as 0.9655 as I type this update. That move has also been accompanied by a spike higher in the USD/CHF, as the EUR/USD is not moving much 

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