FINANCIAL TIMES: …The Swiss currency surged as much as 39 per cent against both the euro and the dollar, one of the sharpest appreciations in recent history, after the Swiss National Bank said it would no longer maintain its SFr1.20 threshold…
The European Central Bank is next week expected to embark on a sovereign bond buying programme aimed at reviving growth and saving the eurozone from the ravages of deflation.
A launch of full-blown quantitative easing would precipitate massive demand for the Swiss franc, widely seen as one of global markets’ stronger havens — and would have made it increasingly difficult for the SNB to defend its currency ceiling… (more)
