ZURICH, Jan 15 (Reuters) – The Swiss National Bank unexpectedly scrapped its cap on the franc on Thursday, sending the safe-haven currency crashing through the 1.20 per euro limit it set more than three years ago.
More than three years of stability between the euro and Swiss franc just ended suddenly, as the Swiss central bank abandoned attempts to cap the currency’s value. The bank previously aimed to let the franc rise no higher than 1.20 to the euro (about €0.83 to each franc). As soon as the change was announced, it smashed immediately higher, breaking through the previous “ceiling”…
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