The International Monetary Fund’s head, Christine Lagarde, called the move “a bit of a surprise”. She was surprised that the governor of the Swiss National Bank had not contacted her, and said she hoped he had communicated the plan to his fellow central bank governors.

It’s not really a surprise because of the “Lagarde List” which was a hidden list of tax cheats in Switzerland.

What’s most interesting is that she expected to be contacted. If announcements like this are routinely going out to other central bank governors and the IMF, they’re inevitably being leaked into the market.

That’s something Draghi would never do to Lagarde.

Draghi and Lagarde meme

Meanwhile, keep a close eye on EUR/CHF as it tests the US lows.