Last week, the SNB’s decision to abandon EUR-CHF floor and cut interest rates surprised everyone. Big news that’s been covered in all media outlet worldwide. FXStreet of course did and is still doing a complete coverage of the consequences of this event on the Forex market, but was also quoted in 2 other media last Friday: The Huffington Post and La Vanguardia.
In an article of the Huffington Post titled 3 Reasons The Euro Just Crashed To Its Lowest Level In 11 Years, journalist Mark Gongloff inserted a chart of the EURUSD taken from our currency charts page.
In its printed edition of January 16th, the Catalan newspaper La Vanguardia published an article called “Suiza sacude el mercado de divisas al desvincular el franco del euro” (“Switzerland shakes the Forex market by dropping the EURCHF floor”). Sergio Heredia talked with our analyst Valeria Bednarik, based in Buenos Aires, and quoted her:
Según Valeria Bednarik, analista de divisas de FXStreet, el movimiento del SNB demuestra que “un banco central no puede seguir comprando un dinero que se deprecia constantemente (la entidad llevaba meses comprando un euro en caída permanente). Algo así se tenía que acabar de un momento a otro. Y ocurrió ayer”.
According to Valeria Bednarik, Currency Analyst at FXStreet, the SNB move shows that “a central bank can not continue buying a currency that keeps devaluating (the entity had been buying a falling euros for months). Something had to ocurr at some point. And it occurred yesterday.”