A good move or a Swiss miss?

The economic implications of Switzerland's decision are staggering and one of the biggest losers will likely be the country's export sector.

The Swiss National Bank shocked the financial world overnight by scrapping its cap on the franc, which pegged the currency at a minimum rate of 1.20 francs per euro. Market participants were sent scrambling, with the franc appreciating by 30 per cent within five minutes of the announcement.

At its peak throughout the day, the franc appreciated almost 40 per cent before moderating somewhat and ending the day just 18 per cent higher. The Swiss sharemarket responded by falling 8.7 per cent by the close of trade.

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