GBP/CHF recovers from lows, but still down 15%

FXStreet (Córdoba) - The pound suffered yesterday the worst daily decline against the Swiss franc on record after the SNB shocked markets. The GBP/CHF recovered from the lows, rising more than 500 pips, but despite the figures is still trading more than 2000 below the level it had two days ago.

After Wall Street closing bell the pair printed a fresh 3-year low at 1.2660 and then rebounded. On Friday peaked at 1.3370/80 and currently trades at 1.3240/50.

The Swiss franc is pulling back modestly (in comparison with yesterday’s rally) across the board but volatility remains elevated. Stocks in Switzerland were falling sharply for the second day in a row.