After a year of stability, Central Europe’s currency markets sprung back to life over the past month as the ECB unveiled a QE programme and the Swiss National Bank (SNB) decided to scrap its exchange rate ceiling. In this Watch we explain why, although the Swiss action looks more concerning, currency moves against the euro are actually likely to have a bigger impact on policymaking in the region than those against the franc. We also look ahead to the release of preliminary Q4 GDP data this week.
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