Submitted by Tyler Durden on 01/15/2015 08:25 -0500
From January 12, 2015 :
From January 15, 2015:
The Swiss National Bank's cap on the franc at 1.20 per euro will remain its key monetary policy tool, the central bank's vice-chairman said in a television interview broadcast on Monday. "We took stock of the situation less than a month ago, we looked again at all the parameters and we are convinced that the minimum exchange rate must remain the cornerstone of our monetary policy," Jean-Pierre Danthine told RTS.
In short: it's a centrally planned world, and those who were short the CHF as of yesterday, our condolences on your career-ending event. But don't worry, the recovery is here and you can easily get any other job you desire.
Recently, divergences between the monetary policies of the major currency areas have increased significantly – a trend that is likely to become even more pronounced. The euro has depreciated considerably against the US dollar and this, in turn, has caused the Swiss franc to weaken against the US dollar. In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified.
Thanks to: http://www.zerohedge.com