Looking at the franc, one might think that the last few days have been particularly calm. Against the euro or the dollar, the Swiss currency has moved very little, despite the debacle of Credit Suisse and its takeover in extremis by UBS on March 19. It depreciated just a little between March 13 and 20, but the movement remained modest, and then stabilized. This month of March, the franc has never gone back above parity once morest the single European currency. Against the greenback, it also momentarily retreated before returning to its strengthening trend.
