There is a straightforward answer to the question in the headline: more money has been trying to get into Switzerland than get out, which didn’t affect the exchange rate as long as the Swiss National Bank bought foreign currency. As soon as they stop…

The Swiss National Bank made G10 FX a lot more fun to watch today. One interesting thing is how the options markets responded. Via Jared Woodard of BGC, here’s a chart comparing the move in one-week implied volatility in the exchange rate between the…