2011 to 2015, when the SNB imposed a cap on the Swiss franc at 1.20 against the euro. We find that the speeches including … future value of euro/Swiss franc exchange rate and steered market beliefs toward franc depreciation, therefore reinforcing … der Schweizerischen Nationalbank (SNB) die Erwartungen der Investoren bezüglich des Franken/Euro Wechselkurses in die …