to quote Top Gun
" Son, your heads writin cheques your body can`t cash"
mkt got more dosh than SNB!

He's retired and presumably just counting. Some of us are still trying to earn ...

Spot on. According to the latest statistics, exports hadn't even taken that much of a hit yet - but now the whole economy is going to take a blow to prop them up anyway. It'll only take one really bad announcement about one dodgy EU economy, and inflation is going to spike nastily - and that is surely only a matter of time. The average consumer is going to be picking the tab for the recent profits made by wholesale importers and currency traders.

The only good side I can see to this is that I guess the SNB could reverse the decision as quickly as they have imposed it, if things do take a particularly bad turn.

Interesting times mmmmm...
I bought a very substantial amount of euros 3 weeks ago at 1.08 (just missed the peak by 24hours!!) in order to buy a house in Spain. So now when I look at my Swiss franc pot I have made a fortune over 3 weeks for doing absolutely nothing.
Point is I have to spend in euros so unless I change it all back the movement makes no difference. It is a lot of new cash though. So mixed feelings on this.

omg. what a stupid move and such a stupid time. the SNB will give away switzerland to FX speculators. let's see how long until this breaks. i would be interested to see how much they have to print on the first day. everyone wanted to buy CHFs anyway, and now the SNB are selling it for 10% cheaper.

Is that because most Swiss exports have long lead times? Hmmm.

I opened a forex practice account on Oanda yesterday at 2 am just to play a bit, i put only 2 orders, a buy order of 10,000,000 @ 1.1 and sell order 10,000,000 @ 1.21, both been processed in less than 8 hours......now i'm hitting my head in the wall that was not a real deal

How long will the CHF peg hold?

how long did the ERM last?

give it a couple of days

what time do the septics wake up?

i'm expecting that the SNB will be crapping themselves when they see the amount of discounted CHFs they will have to sell today.

i expect they will quickly put their tail between their legs and end this madness.

i put less than a week, but i really wouldn't be surprised if they nix this today.

I agree that this decision at first sight its madness, I'm just hoping that the SNB has thought this through. The traders must be beside themselves with joy

Franc climbs to 1.19 after SNB announcement

Hope you traders have been able to profit!

we're all set for another black wednesday, isn't history grand?

SNB says fair value is closer to 1.40 and will likely target that rate going forward.... Good luck to them! Cant wait until Europe starts to default and everyone buys CHF at this new and improved price.

market tells me most traders didnt expect this at all and taken some rather large "negative revenues" today

So SNB hasn`t learned a single thing from the last two or three months.
Its ok to argue tough with your own money, its a little delicate when its OPM!

well since they have a chance to buy unlimited CHFs at discount prices, i'm sure they'll make their money back rather quickly!

Since it's a political decision and nothing else as long as the fools think they are getting good ratings from the media etc. the peg will hold. I voted to the end of the year but that is only a wild guess.
Setting the Franc to the Euro means that the Swiss currency is condemned to going down the tubes according to the (political not economic) decisions of the Eurokrats.
This is a disaster for Switzerland. Let's just hope the Germans wise up and get out of the Euro and reinstate the D-Mark. Then the Swiss Franc will have a partner worth holding hands with.

SNB is losing it totally, they still think people are buying CHF cause they really want to, they cannot get it's a hit and run market now.