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Through the floor – 1.20 EUR/CHF is history

Naturally as a Swiss citizen, I need come back on the historical move by our Swiss National Bank yesterday. The decision to drop the 3.5 year old 1.20 floor took the market by surprise and is fuelling widespread criticism in Switzerland and around the world. It created havoc in the Forex Exchange markets with the EUR/CHF and USD/CHF respectively touching 0.85 and 0.74 on the news (a 29% and a 28% drop) before stabilizing slightly below parity for EUR/CHF and at circa 0.86 for USD/CHF at the end of the day. The Swiss main index (SMI) dropped nearly 9% during the session and another 5% today. Read more...

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