The Swiss franc fell from record highs against the dollar and euro on Wednesday after the Swiss National Bank unexpectedly cut interest rates, a direction that should prove fleeting as global growth concerns keep up demand for the safe-haven currency. The SNB said the franc was massively over-valued, keeping alive the prospect of intervention. That also sharpened the focus on Japanese authorities who warned again they were uncomfortable with the rising yen.
The euro had hit a record low of 1.0794 francs on trading platform EBS just before the SNB's move. It last traded at 1.0956 francs, up 1.1 percent, but down sharply from a session high of 1.1146. The dollar also pared gains against the Swiss franc and last traded at 0.7658 francs, up 0.4 percent, but down significantly from the SNB-induced session high of 0.7787.
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