When the Swiss National Bank sprung its surprise euro-franc currency peg on the markets, earlier this month, currency traders had to scramble to adjust their positions. But long-term investors, such as the country's pension funds, are also having to look again at their currency strategies.

On September 6, the SNB said it would buy "unlimited quantities" of foreign currencies in order to force down the value of the franc, so that one euro is worth no less than Sfr1.20. The Swiss currency had been approaching parity with the euro as investors piled into the franc over the summer, viewing it as a 'safe haven'.