Swiss Central Bank Shocks Market

Switzerland had pegged its currency to euro so that its exports would not be harmed by a rising Swiss franc.  It removed the peg and the franc rapidly increased in value relative to the euro and the dollar.  This article argues that the peg was removed because the SNB believes that euro will continue to depreciate and it does not the franc to follow the euro downward.  It will hurt Swiss exports but it maintains the value of franc.