Galling

Remember how the soaring Swiss franc skittled almost everyone in the City?

Traders and investors were left "reeling" in mid-January when Switzerland unexpectedly abandoned its currency ceiling against the Euro.

The event - described as "one of the most damaging currency swings in the modern era"- saw the Swiss franc soar in value against most other world currencies. As a result, brokers, banks and investment funds in Europe and the US suffered heavy losses.

Well, it must be particularly galling for those market participants that lost out in January to see the Swiss franc fall back against some currencies to where it was before Switzerland gave up on its ceiling against the Euro.

Indeed, if you click on the link - http://www.xe.com/currencycharts/?from=CHF&to=USD&view=1Y - you will se the Swiss franc is almost back to where it was against the US dollar before Switzerland lifted the currency ceiling against the Euro.

Ouch!