I was reading about the SNB's decision to abandon the peg in 2015, and among the various articles I read, one from CNBC quoted the SNB president saying the following
"The euro has depreciated considerably against the US dollar and this, in turn, has caused the Swiss franc to weaken against the U.S. dollar. In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified," the statement said.
My takeaway from this statement is that part of their justification for removing the peg came from the effect it was having on the franc's value against the dollar.
I know they wanted this peg in the first place to lower the franc's value against the euro as Switzerland's economy was largely reliant on exports to euro zone countries, so having a weaker currency than the euro would help exporters.
But I don't understand why the franc's performance with the dollar would be a concern? Wouldn't that just help Swiss exporters sell to US importers as well as Europeans? Or does falling below the dollar have other consequences?