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Swiss National Bank aims to halt Swiss franc rise vs. euro
The Swiss National Bank on Thursday said it would buy foreign currencies in an effort to halt the Swiss franc's rise versus the euro. In a statement following its regular policy meeting, the SNB said the franc has risen substantially since the beginning of the financial crisis in August. "In view of this development, the SNB has decided to purchase foreign currency on the foreign exchange market, to prevent any further appreciation of the Swiss franc against the euro," the SNB said in a statement. The franc tumbled. The euro jumped 2.5% against the Swiss currency to 1.5172 francs in recent action, while the U.S. ... (full story)