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Safe-Haven Swiss Franc Pegged to the Euro?
The Swiss franc, a stalwart against market turbulence, fell like a rock Thursday, in part on speculation that it could be temporarily anchored to the euro. The franc skidded against both the euro and U.S. dollar, as well as other currencies, as traders rushed to reposition after a comment from a Swiss National Bank (SNB) official, who said he would not rule out a temporary euro-franc peg. The Swiss have been battling a dramatic rise in the franc, seen by the world as the safest place to hide out during the current market turmoil. SNB vice chairman Thomas Jordan also was quoted as saying the bank can ease monetary ... (full story)
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