After years of manipulating its currency today the Swiss waved the white flag and surrendered. What ensued was a collapse that will go down in the history books. The EUR/CHF has fallen over 1,800 pips in just a few hours, an incredibly remarkable move. In an era/age of unprecedented Central Bank manipulation today will prove as another example of what happens when the Central Banks decide to alter the will of the free markets.
Off the soap box and onto some morning reads. This is some of what I am perusing this morning as well as a quick look at the overnight stock futures session:
Swiss Bank Stops the Madness or Starts It....The Cap Is Gone
ECB Thankless Task (as if Central Bank Officials Need Thanking)