Swiss franc tumbles against US dollar and euro

London

THE Swiss franc tumbled against the dollar and the euro on Thursday after Switzerland's central bank softened its language on the currency's valuation, though it stood firm on its ultra-easy monetary policy stance.

In a nod to the euro's near 7 per cent gains against the franc this year, the SNB ditched its nearly three-year mantra that the franc was "significantly overvalued" and said that the currency remained highly valued.