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Swiss franc soars, stocks tank as euro peg scrapped
The Swiss National Bank (SNB) stunned markets on Thursday, when it scrapped its three-year-old peg of 1.20 Swiss francs per euro. In a chaotic few minutes after the central bank's announcement, the Swiss franc soared by almost 30 percent in value against the euro. The franc broke past parity against the euro to trade at 0.8052 per euro, before trimming those gains to stand at 1.0295. It also gained 25 percent against the U.S. dollar to trade as high as 0.8900 per dollar. Read MoreForex.com suspends trading Swiss francs SNB Chairman Jordan said the decision to drop the cap was not a "panic reaction," and was a "well ... (full story)
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