Did the Swiss franc just become the new Deutschemark?

What a fascinating start to 2015! Whilst most of the talk over the past few months has been about the unexpected fall in the price of crude oil, and the ramifications this might have on global activity, growth, and consumer spending, Switzerland's central Bank shocked the markets on 15 January by announcing it was abandoning its currency cap to the euro and reducing interest rates to -0.75%. This unforeseen action by the Swiss bank had an immediate effect on the foreign exchange markets, and the global equity and bond markets around the world. Indeed, in terms of Forex, we saw many cu...