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SNB Unexpectedly Gives Up Cap on Franc, Lowers Deposit Rate

A trader is reflected in a monitor as he works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Tuesday, May 28, 2013. U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding from a weekly loss, after data showed consumer confidence climbed to the highest level since 2008 and home values jumped the most in seven years.

A trader is reflected in a monitor as he works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Tuesday, May 28, 2013. U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding from a weekly loss, after data showed consumer confidence climbed to the highest level since 2008 and home values jumped the most in seven years.

Photographer: Jin Lee/Bloomberg
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The Swiss National Bank unexpectedly scrapped its three-year policy of capping the Swiss franc against the euro in a U-turn that may change the perception of a century-old institution known for reliability.

In a surprise statement that sent shockwaves through equities and currency markets, the central bank ended its cap of