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EURCHF and USDCHF collapse as SNB removes cap

EURCHF News by Newsroom on 07:36 January 15, 2015 EST
The SNB has removed this morning the exchange rate floor value on EURCHF that imposed at 1.20 since 2010.

The Swiss central bank protected for four years and until today the crown from further appreciation against the single currency in a bid to maintain Swiss products competitive in the European and world markets after a never ending appreciation of its currency.

This unexpected move got EURCHF and USDCHF out of control. EURCHF has depreciated almost to parity lossing in a minute around 18% of its value and is trading at the moment of writing at 1.02. The buck shed 17% of its value against the crown and trades at 0.87.