Switzerland’s central bank stunned markets in one of the most dramatic currency interventions in decades as it unexpectedly abandoned a ceiling put in place more than three years ago, sending the franc soaring against the euro.
The Swiss currency surged as much as 39 per cent against both the euro and the dollar, one of the sharpest appreciations in recent history, after the Swiss National Bank said it would no longer maintain its SFr1.20 threshold.
The decision was not taken as part of a co-ordinated policy with other central banks, said a person with knowledge of the situation. Christine Lagarde, head of the International Monetary Fund, said she found it “a bit surprising” that the SNB had not warned her of the move.
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