Swiss franc moved up against the euro, retracing an earlier plunge to its lowest level in two months that led to suspicion the Swiss National Bank might be intervening. Euro briefly surged to CHF1.2076 before falling back to CHF1.2037, according to EBS via CQG. One NY-based trader at a major investment bank said the initial move today out of the tight recent range was triggered by a trade at Rabobank. Traders have speculated for weeks that the bank has been acting on behalf of the SNB to keep the franc competitive.
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