The euro tumbled more than 25% against the Swiss franc on Thursday, triggering volatility in stocks, bonds and other currencies, after the Swiss central bank abandoned the currency "ceiling" introduced in 2011.
The shock move from the Swiss National Bank (SNB), effectively giving up its attempts to stem the rise of the Swiss franc against the euro and other currencies, affected a range of assets. The euro moved well below parity against the franc, dropping almost 30% to trade as low as 0.854 before rallying to 1.033, a fall of 14%. With the franc also appreciating sharply against a range of other currencies - including a 13% rise against sterling - Swiss stocks fell sharply as investors factored in the moves. The likes of UBS, Nestle, Roche and Credit Suisse each fell between 5% and 15% t...
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