Luckily the SNB has given up the EURCHF exchange rate of 1.20.
Many market participants believe they had to preempt the next wave of speculation (pressure on swiss franc) that would have occured with the impending ECB decision to buy government bonds in the former ‚PIGS‘. Also see this comment on reuters: It came a week before the European Central Bank is expected to unveil a massive bond-buying program that might have forced the SNB to intervene repeatedly to defend the cap.
Also as Barclays noted: The SNB decision was taken a week before the ECB policy decision and one day after the European Court of Justice’s opinion on the ECB’s OMT, paving the way for the ECB to announce sovereign QE at next week’s GC meeting.
It can be interesting to look back in several months, years and see which stocks were most heavily traded, biggest losers on a historic day like today. That’s why I attach the following three screenshots to this post:
Screenshots all from Swissquote website. Fair usage; educational purposes.