Swiss stunner sends euro to 11-year low against buck
MarketWatch - Jan 15, 2015
LONDON (MarketWatch)—The euro fell to its lowest level against the dollar Thursday since September 2003 Thursday after the Swiss National Bank scrapped its exchange rate floor of 1.20 francs to the euro.
The central bank’s decision reflects investors’ expectation that the European Central Bank will decide to begin buying government bonds at its Jan. 22 meeting to stimulate the faltering European economy, analysts said. That helped weaken the euro against its rivals.
The euro fell as low as $1.1566 after the central bank’s decision sent the currency tumbling to new multiyear lows against most of its rivals. It rose to $1.1615 in recent trade.
