A trader reacts in front of the German share price index DAX board at the Frankfurt stock exchange, January 15, 2015. REUTERS/Kai Pfaffenbach
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The Swiss National Bank's unexpected decision to abandon the franc's cap against the euro, knocking down what an official just two days ago reaffirmed as a pillar of policy, roiled markets worldwide.The franc surged as much as 38 percent versus the greenback and gained against all 174 foreign-exchange values tracked by Bloomberg.The franc appreciated 15 percent to 1.04022 per euro at 12:25 p.m. New York time after earlier jumping 41 percent to 85.17 centimes, the strongest since the euro's 1999 debut. The Swiss currency gained 14 percent to 89.66 centimes per dollar, after touching 74.06 centimes, the strongest since August 2011 .New Zealand's dollar rallied 1 percent to 77.98 U.S. cents, while the Australian dollar gained 0.8 percent to 82.11 U.S. cents.Elsewhere in Europe, emerging-market currencies fell at least 12 percent against the franc amid concern individuals may struggle to repay loans denominated in francs.The zloty weakened 14 percent to 4.1469 against the Swiss currency, paring an earlier loss of as much as 28 percent.
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