As per my newly designed schedule for this semester, I tried to wake up today at 5AM (EST) and successfully done so, but I woke up after some huge ass spikes, I should literally just go back to bed. Because this is quite bullshit.
Here’s the official source from the SNB, Swiss National Bank:
So basically what’s happening is, they’re going back onto the fixed exchange rate policy while everyone else in the world has a floating/flexible exchange rate. Given one country being fixed now, the whole world has to figure out/calculate what their rate will be to get back into equilibrium.
Basic exchange rates 101: Everyone is flexible, everyone can move in sync. If everyone has fixed exchange rate, each government/national bank decides where the rate will be to keep the world in balance. Now, if one guy becomes fixed, the rest of the floaters have to move around based on him.