Swiss Franc Shock 2015
About Swiss Franc Shock 2015
On January 15, 2015, the Swiss National Bank unexpectedly removed the francs exchange rate cap against the euro. The franc soared 30 percent in minutes. Currency brokers went bankrupt. Hedge funds suffered massive losses. The event was one of the most dramatic currency moves in history. The SNB had imposed the cap in 2011 to prevent the franc from appreciating too much during the eurozone crisis. The surprise removal caught markets completely off guard. The Swiss stock market fell 10 percent. The strong franc hurt Swiss exports and tourism. The event demonstrated that central banks can surprise markets with devastating consequences.
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