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Swiss Franc Slips Most Since 2013 on Negative Rates; Pound Rises

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Switzerland’s franc weakened the most in 18 months versus the euro after the nation’s central bank introduced negative interest rates to defend the currency’s cap.

The shared currency fell for a second day against the dollar as the Swiss National Bank decision boosted speculation the European Central Bank will expand stimulus measures next year. A gauge of the dollar reached a five-year high amid signals the Federal Reserve’s pledge to be “patient” on interest rates means an increase next year. Colombia’s peso gained for a third day to lead most of its emerging-market peers higher. The pound gained as volatility rose to a 15-month high.