Today is an extraordinary day for the trading market as the Swiss National Bank has taken the decision of drastically intervening on the nation’s currency. Due to the problems in the European Union, and especially to the fact that the trader’s sentiment has once more shifted as the news related to the election in Germany has been released, the Swiss National Bank has taken the decision of establishing a floor in the EUR/CHF trading rate. This measure has been unpredicted as the Swiss Finance Minister has talked about the situation of the country’s currency last week, announcing that there is no reason why the SNB should intervene in order to prevent the national currency from growing against all its major counterparts, but especially against the Euro.
Despite this fact, the Swiss National Bank announced today the need for a very drastic measure. In order to protect the national economy from the incredibly fast appreciation of the country’s Read more »