Switzerland scraps euro exchange rate limit in surprise move

Switzerland’s central bank is scrapping a policy that kept a limit on how much the euro could fall against the Swiss franc, arguing it is no longer justified in light of the euro’s recent decline in global markets.

The unexpected decision to ditch the policy – which ensured the euro did not fall below 1.20 francs – sent the euro plummeting 28% against the Swiss currency, to 0.8946 francs.