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Forex pairs in this Article » (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that Switzerland is clearly bent on holding its EURCHF floor and has consequently been forced to activate its countercyclical buffer.

He writes, "Ultra low yields and a limited housing supply have already led to some localized booms (and corrections, see the reports of Wuest & Hoff), by imposing a higher capital requirement for mortgages on bank balance sheets the hope as in Canada is that it is the equivalent of increasing the cost of mortgages."
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