USD/CHF slumps after SNB surprise

FXStreet (Córdoba) - USD/CHF lost more than 300 pips in a matter of minutes after the Swiss National Bank announced it will scrap the EUR/CHF floor and set a -0.75% rate for sight deposits.

The Swiss strengthened broadly following the measure and dragged USD/CHF from near 1.0200 to below 0.9900. The pair bottomed out at 0.9878 before bouncing and it is currently trading at the 0.9955 zone, recording a 2.25% loss on the day.

Meanwhile, EUR/CHF broke below 1.2000 for first time since 2011 when the bank introduced the measure, and it dropped as low as 0.9300.

The SNB said that in current circumstances, i.e. divergent monetary policies, euro weakness, enforcing and maintaining the minimum exchange rate for EUR/CHF is “no longer justified”.

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