UBS sees greenback surge

UBS Group AG, the largest Swiss bank, said its wealthiest clients will be attracted to US dollars after Switzerland roiled markets by scrapping the franc's cap.

Private-banking customers are concerned a stronger franc will hurt Switzerland's economy and the businesses they own, said Simon Smiles, Zurich-based chief investment officer for ultra - high-net-worth individuals at UBS.

Clients worldwide have yet to decide on whether to change currency allocations, he said. UBS cut its growth forecast for Switzerland and predicts the country will slip into deflation this year.