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Breaking: EURCHF floor breaks, SNB announces negative rates

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January 15, 2015 business, chf, chf rates, chfeuf, chfusd, content, currencies, currency, eurchf, euro, eurozone, finance, forex, forex trading, fx, fx trading, interest rate, interest rates, markets, negative rates, news, news video, saxo tv, saxotv, snb, swiss, swiss bank, swiss franc, swiss national bank, swiss rates, swissfranc, switzerland, traders, trading, tradingfloor.com, tradingfloor.com saxo tv, usdchf
The Swiss National Bank has shocked the markets by removing the 1.20 EURCHF floor. It's also lowering sight deposits to -0.75%. The Swiss Franc rose around 15% against the euro and by 25% against the USD within half an hour of the announcement.
John Hardy, Saxo Bank's Head of FX Strategy, says this is one of the biggest events to hit the FX markets in years. He gives his advice to traders who will have been caught out by the move.