Swiss franc leaps 15% after cap on euro is lifted

London

THE Swiss franc soared by 15 per cent on Thursday after Switzerland's central bank scrapped its three-year-old cap against the euro, sending a shockwave through currency markets.

The euro plunged as much as 30 per cent below the 1.20 cap to 0.8500 francs per euro at one point before rebounding to roughly 1.02 francs. Broader concerns about the euro sent it to its weakest in 11 years against the US dollar.