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In early trading on June 19, the overnight hedging cost of the Swiss franc soared, hitting the biggest increase since the Swiss National Bank unexpectedly lifted the exchange rate ceiling of the Swiss franc against the euro in 2015 The Swiss National Bank will announce the interest rate decision on Thursday. The market is still uncertain whether the central bank will cut interest rates or intervene in foreign exchange to support the Swiss franc This makes the cost of hedging the volatility of the Swiss franc since 2022 The overnight volatility of the euro against the Swiss franc soared to 18.27%, the level since March 2023, and then fell back to about 15% The current market concerns mainly focus on policy risks. Goldman Sachs strategists pointed out that the Swiss National Bank may sell foreign currencies to express its support for the Swiss franc Traders are divided on whether the central bank will take interest rate action.