Currency Wars - Swiss Franc gains 30% in one hour and

Forex.com on Thursday suspended trading in Swiss francs.

Currency Wars - Swiss Franc gains 30% in one hour as The Swiss Central Bank,
the SNB (Swiss National Bank) lowered the deposit rate to -0.75% to discourage
funds being parked in Swiss deposit accounts. , the Swiss franc soared by almost
30 percent in value against the euro.
Currency trading platform Forex.com on Thursday suspended trading in Swiss
francs due to the surge in franc volatility after the Swiss National Bank
unexpectedly abandoned the currency's exchange rate cap against the euro.
The Swiss National Bank unexpectedly gave up its minimum exchange rate of
1.20 per euro today, ending a three-year-old policy designed to shield the
economy from the euro area’s sovereign debt crisis.
The move also hit European equity markets hard, with the Swiss benchmark
stock index falling by more than 13 percent.
It also moved the target range for the three-month Libor to between minus 1.25
percent and minus 0.25 percent, from the current range of between minus 0.75
percent and 0.25 percent.
The move also hit European equity markets hard, with the Swiss benchmark
stock index falling by more than 13 percent AND the DAX is also dropping by 250
points in a matter of minutes.

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Regards

Kirang Gandhi
Independent Financial Planner
www.fpindia.in
M-9028142155