Options traders sense SNB running out of steam

Market participants are stocking up on downside EUR/CHF options, given a perception that Swiss authorities are running out of steam in their bid to weaken the Swiss franc, say bankers.

"Flows in EUR/CHF options are definitely one-way: downside EUR/CHF. Investors are buying EUR/CHF put options because they are positioning for further appreciation of the Swiss franc," said Matthias Bouquet, foreign exchange derivatives analyst at JP Morgan in London.

In August, the Swiss National Bank (SNB) moved

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