Swiss Take Emergency Action To Devalue Franc To Keep Pace With Plunging Euro

Overnight the Swiss National Bank moved to maintain its currency’s unofficial peg to the Euro by actively devaluing it on the open market.

The impact of the devaluation was felt throughout the Asian markets overnight. FT Alphaville reports that the Swiss moves were “very aggressive” according to one trader who also described them as “unusual.”

This active devaluation comes on the heels of a steep decline in the Euro during yesterday’s trading, as it is faced with a bevy of soverign debt threats, most notably Greece, Portugal, and Spain.

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