Swiss currency shock: blame the bank in Frankfurt not Zurich

Swiss decision probably means Mario Draghi and the ECB have at last convinced Germany that QE is needed to save the eurozone

Another day, another bout of extreme market turbulence. The last cue for mayhem has been the decision by the Swiss National Bank to abandon its attempts to prevent the franc from appreciating against the euro. Given that just a month ago, the SNB said it would hold the line with the “utmost determination”, the announcement took traders by surprise. The franc soared, the euro collapsed, shares lost their gains. It was uproar.