GENEVA, Switzerland, Sept. 6 (UPI) -- Switzerland on Tuesday sent the value of the Swiss franc down 9 percent in minutes as it pegged the value of its currency to the euro.
"That was the single largest foreign exchange move I have ever seen. The Swiss franc has lost close on 9 percent in the past 15 minutes," The Guardian quote Jeremy Cook, chief economist at currency brokers World First, as saying.
"This dwarfs moves seen post-Lehman brothers ... and other major geo-political events in the past decade," Cook said.
The currency was pegged to the euro to keep the Swiss franc from gaining strength. In recent months, tourism and exports have suffered and consumers have begun crossing the border to shop in Germany, the British newspaper said.
The head of equities at City Index Giles Watts said the move would only help short term.
"Most interventions in the currency markets by the authorities of late have only helped prices in the short term at best. If the euro crisis intensifies there is every chance the market could test the SNB's resolve," Watts said.
