Swiss franc shocks Forex
MADRID | By J.P. Marín Arrese | The Swiss National Bank decision to scrap the € 1.20 ceiling on its currency on Thursday caught investors by surprise. The ensuing steep appreciation, more than 30%, has also bewildered the Swiss monetary authorities. Shock waves hitting the Euro have sent its quote to fresh lows against the dollar, plunging the Forex into utter disarray. Furthermore, as short-term deposits will bear negative interest rates the key financial sector is bound to face rough times.