The Swiss franc's sharp rise last year wasn't the result of scared EU citizens pouring money...

|By:, SA News Editor

The Swiss franc's sharp rise last year wasn't the result of scared EU citizens pouring money into the country, says HSBC, but instead from the Swiss hoarding money at home. Similarly, the success of the SNB keeping a ceiling on franc strength has more to do with bouncing equity markets drawing money from Switzerland. When that cash returns home, the SNB will truly be put to the test.