SNB shocks markets by abandoning euro ceiling ahead of ECB showdown

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The Swiss National Bank (SNB) rocked markets by scrapping its currency ceiling today, pre-empting any further easing measures the European Central Bank (ECB) will announce next week.

In September 2011, the SNB imposed a minimum exchange rate of Sfr1.20 per euro – seeking to put a lid on the appreciation of its currency – which it pledged to defend with "utmost determination" as recently as December 18.

Today, the SNB decided to abandon the ceiling, while also dropping its key interest rates furt

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