European focus: the Swiss franc holds at area of session low
The Swiss franc tumbled, dropping the most ever against the euro, after the nation’s central bank set a minimum exchange rate of 1.20 per euro and said it will defend the target with the “utmost determination” if needed.
Switzerland’s currency snapped four days of gains versus the euro, falling as much as 8.7 percent and declining to the weakest level since July.
The euro snapped five days of losses against the dollar as European stocks advanced.
The Dollar Index, which tracks the greenback against the currencies of six major U.S. trading partners, was little changed at 75.146 after rising for the previous five days.