The European Central Bank is expected to announce a major new stimulus program next week to pump money into the region’s troubled economy, which is creating downward pressure on the euro. That pressure is particularly marked against the dollar, which is rising in part because of a strong United States economy and plans by the Fed to raise interest rates.

Image A Swiss franc coin beneath a euro note. The value of the franc soared on Thursday. Credit... Fabrice Coffrini/Agence France-Presse — Getty Images

If the Europeans undertake such an effort, it would make it that much more expensive for the Swiss to buy enough euros to maintain the value of the franc. So the Swiss leaders’ abandonment of its target was taken as a bet that easier money from the European Central Bank is on the way, and potentially on a vast scale.

“Recently, divergences between the monetary policies of the major currency areas have increased significantly — a trend that is likely to become even more pronounced,” the Swiss central bank said in the announcement.

The abrupt decision on Thursday sent the value of the Swiss franc soaring, as the country’s stocks broadly plummeted. The shares of exporters, in particular, got slammed over fears that the rising currency would weigh on profit.

“Words fail me!” Nick Hayek, the chief executive of the Swiss watchmaker the Swatch Group, said in a statement distributed to news media, adding that today’s action “is a tsunami: for the export industry and for tourism, and finally for the entire country.”