It’s a year to the minute when the Swiss National Bank abolished its currency cap, prompting reactions ranging from “nuclear explosion” to “tsunami” to “idiotic.” Since the central bank scrapped the ceiling of 1.20 per euro at 10:30 a.m. local time on Jan. 15, 2015, the franc has given up about half the appreciation it saw in the aftermath of the decision.

Even with the SNB’s negative interest rate and occasional interventions, the franc has only briefly breached the 1.10-per-euro level in recent months. And it doesn’t look likely to weaken significantly any time soon. It’s seen at 1.10 against the common currency at the end of the third quarter of 2016, falling to 1.15 per euro in 2017, according to forecasts compiled by Bloomberg.

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