Euro Franc dropped sharply after Swiss National Bank decision

Euro Franc dropped sharply after Swiss National Bank decision

Jan 16.2015

The Swiss National Bank shocked the markets yesterday and decided to remove 3 year-old cap of 1.20 francs per euro. In fact, The Swiss Franc rebounded as Switzerland ended its exchange rate cap, which was implemented on 2011 to tackle deflation and recession during Euro zone crisis.

The Swiss bank decision has affected the European markets, wile the Gold extended gains as a safe haven asset. On the other hand, the Swiss market index slid 8.7% and the Euro Franc pair recorded a sharp decline hitting 1.00534 during yesterday trading session.

                                     

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