Swiss franc uncapped, one year on

A year after the historic SNB move, the lesson has been learned: always expect the unexpected

Swiss National Bank headquarters in Bern
Swiss National Bank: set to incur an annual loss of SFr23 billion ($23 billion) for 2015

A year has passed since the Swiss National Bank (SNB) abandoned its currency cap and de facto its three-year-old monetary policy in one of the most dramatic interventions in decades.

On January 15, 2015, the Swiss franc shot through the roof and rose by as much as 30% against the euro, as the SNB decided it would no longer keep its SFr1.20 threshold.

The franc surged to a record 0.8517 against the euro within the first minutes of hectic trading and has since returned past parity in a slow and

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