Friday, 16 January 2015

Swiss franc's massive surge claims brokerage firm scalps

LONDON (AP) — The staggering ascent in the Swiss franc, one of the most acute moves in decades by a major currency, has hurt financial firms around the world, with at least two brokerages going out of business.
Though currency markets were a bit calmer Friday, with the euro down 1.1 percent at 0.9824 francs, the repercussions from the previous day's move are being felt at financial firms from New York to New Zealand via London.
At one point Thursday, the franc surged around 30 percent against the euro in the minutes after the Swiss National Bank, or SNB, said it was ditching policy that limited the rise of franc. It had adopted the policy in 2011 to keep the franc's rise from hurting the economy's exports.
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