Swiss Bankers Are Accelerating the Euro's Slide
Euro’s Decline
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The euro is shaping to be the biggest casualty of Switzerland’s decision to scrap its currency cap.
Soon after the Swiss National Bank unexpectedly ended its three-year policy of keeping the franc weaker than 1.20 per euro, bearish bets on Europe’s common currency soared. While setting a record low versus the franc yesterday, the euro also plunged 3.5 percent against a basket of 10 developed-nation peers, the most since its 1999 debut, and reached an 11-year low against the dollar today.