On 6 September 2011, shortly after when the exchange rate was 1.095 CHF/€ and appeared to be heading for parity with the euro, the SNB set a minimum exchange rate of 1.20 francs to the euro ("capping" franc's appreciation), saying "the value of the franc is a threat to the economy", and that it was "prepared to buy foreign currency in unlimited quantities". In response to this announcement the franc fell against the euro, to 1.22 francs from 1.12 francs and lost 9% against the U.S. dollar within fifteen minutes. The intervention stunned currency traders, since the franc had long been regarded as a safe haven.