SNB abandons the Euro peg: Scenarios on the future development of the Swiss economy
The Swiss National Bank seeks to regain independence from another potential round of monetary easing by the ECB and thus provokes extreme volatility in financial markets. In a surprise move, the peg to the Euro was abandoned and deposit rates were pushed down even more into negative territory in order to render investments in Swiss Francs unattractive. The Swiss Franc appreciated dramatically against Euro and the exchange rate EUR/CHF fluctuated massively. There is also upward pressure on the CHF against all major currencies.