The Swiss National Bank announced that it discontinues the exchange rate floor of CHF 1.20 vis-a-vis the Euro and lowers interest rates, to -0.75%. Markets are surprised. Michael Hunter writes in the FT:

The move came as a surprise since Thomas Jordan, SNB chairman, said as recently as December that Switzerland’s defence of the SFr1.20 rate against the euro was “absolutely necessary”.

A graph of the exchange rate series (source):