Franc Retreats After Rate Cut; Dollar Declines as Services Slow

The Swiss franc fell against all of its 16 most-traded peers after the central bank unexpectedly cut interest rates to weaken the currency as it strengthened to records and threatened the nation’s economic recovery.

The dollar extended losses against the yen after U.S. service industries expanded at the slowest pace in 17 months. Australia’s dollar slumped versus most major currencies. The franc pared drops against the euro and dollar as investors sought stability, even as the Swiss National Bank said it will increase the supply of the currency to money markets.