Economics & Industry

SNB Ends Euro-Swiss Franc Peg, Creates Market Turmoil

The Swiss National Bank (SNB) unexpectedly removed the cap on the Swiss franc's value against the euro, a measure that had been in place since 2011 to stabilize the currency. This sudden decision led to significant volatility in financial markets worldwide. The move resulted in a dramatic appreciation of the franc, causing chaos among forex traders and impacting various financial instruments, including derivatives and stocks. The central bank aimed to curtail the rising pressure on the Swiss franc as the eurozone faced economic challenges.

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