SNB research finds Swiss franc is only safe haven against some currencies

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A working paper published yesterday by the Swiss National Bank (SNB) finds the Swiss franc exhibits characteristics of a reserve currency against some currencies but not others.

On financial risk and the safe haven characteristics of Swiss franc exchange rates by Christian Grisse and Thomas Nitschka uses the Vix volatility index to proxy for global risk, measuring the movement of the Swiss franc as risk rises. They find the currency exhibits safe haven characteristics against the euro

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