Swiss Franc Drops Versus Dollar as SNB Expands Currency Measures
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The Swiss franc weakened versus the dollar after the nation’s central bank said it expanded measures to fight the currency’s “massive overvaluation.”
The franc slipped from near a record versus the greenback after the Swiss National Bank said it will “significantly increase” the supply of liquidity to the money market and expand banks’ sight deposits. The SNB will also conduct foreign-exchange swap transactions as it attempts to curb gains in the Swiss currency caused by investors seeking a haven from the European debt crisis.