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Blood on the Forex Floor
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The surprise move by the Swiss National Bank in Jan 2015 removing the 1.20 euro cap on the Swiss Franc damages reputation of the central bank
01/16/2015
The foreign exchange reserves had grown massively on the balance sheet of the SNB by 2014, and following the referendum on increasing gold holdings at the SNB the policy of currency interventions had become controversial. The anticipated ECB move for monetary easing lowering the value of the euro made the cap increasingly untenable. Still the surprise move and the manner it was handled by the SNB president Jordan without any communication with financial markets following a Dec. statement that the SNB had "steadfast determination" in its cap, has shaken confidence in the SNB and central banks. The Swiss Franc surged following the announcement and Switzerland may be headed for a recession with the impact on tourism and export sectors.
Grouped Articles
Swiss Shock Tarnishes Central Banks
Wall Street Journal 01/16/2015
Swiss Move Prompts Fears of Sustained Market Tumult
New York Times 01/16/2015
Here's What the Swiss Central Bank Just Did and Why Its Such a Shocker
BusinessWeek 01/18/2015
Surge of Swiss Franc Triggers Hundreds of Millions in Losses
Wall Street Journal 01/19/2015
Wall Street Journal 01/19/2015
Swiss Franc Bets Turned on a Dime
Wall Street Journal 01/19/2015
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