Figure 1.2 – Euro (EUR) to Swiss Franc (CHF) Exchange Rate 2014–2015
| Date | Swiss Francs (CHF) per Euro (€1) |
|---|---|
| Dec-14 | 1.202 |
| Jan-15 (Pre-announcement) | 1.201 |
| Jan-15 (Post-announcement) | 0.985 |
| Mar-15 | 1.045 |
Using the data in Figure 1.2, explain what happened to the value of the Swiss Franc (CHF) relative to the Euro (EUR) following the Swiss National Bank's policy announcement in January 2015.
