“It’s A Tsunami” – Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor; Macro Hedge Funds Crushed !

• “It’s A Tsunami” – Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor; Macro Hedge Funds Crushed! 
  by Tyler Durden, www.zerohedge.com
  “As if millions of macro hedge funds suddenly cried out in terror and were suddenly silenced”
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  Over a decade ago, George Soros took on the Bank of England, and won. Less than two hours ago the Swiss National Bank took on virtually every single macro hedge fund, the vast majority of which were short the Swiss Franc and crushed them, when it announced, first, that it would go further into NIRP, pushing its interest rate on deposit balances from -0.25% to -0.75%, a move which in itself would have been unprecedented and, second, further announcing that the 1.20 EURCHF floor it had instituted in September 2011, the day gold hit its all time nominal high, was no more.
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  What happened next was truly shock and awe as algo after algo saw their EURCHF 1.1999 stops hit, and in the process the EURCHF crashed to less then 0.75, before finally rebounding to a level just above 1.00, which is where it was trading just before the SNB instituted the currency floor over three years ago.
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