“Swiss Franc Plunges Most Ever as Central Bank Draws Line in the Sand.”
Such was the headline this morning from Bloomberg News, after Switzerland’s Central Bank took the absolutely unprecedented step of imposing a ceiling on the exchange rate of the Swiss franc, saying it would defend its rate target with “utmost determination”.
The result?
The Swiss franc dropped over 9% in less than a day – something that is absolutely unheard of in the currency markets.
If you enjoyed this article, please consider sharing it!
