Thursday, January 15, 2015
Swiss franc appreciates agains the Euro
The Swiss Central Bank had been "pegging" the price of the Swiss franc to the euro, to make sure that Swiss exports were not priced out of the European market. To do this, they had to print swiss francs and buy foreign assets, or hold foreign currency. This increased demand for foreign currency, which increased the "price" of a euro in the market for foreign exchange. This benefited European consumers, and Swiss exporters.