Swiss franc falls

The Swiss franc continued to pull back sharply against the dollar and the euro on Thursday a day after a surprise interest rate cut by the Swiss National Bank toppled the white hot currency from record highs. After the SNB cut rates, it called the franc "massively overvalued", keeping traders on their toes as they mulled the possibility of central bank intervention to further weaken the currency.
The franc fell 1 percent against the dollar compared to the New York close, trading at 0.7767 francs to the dollar by 0655 GMT. The franc slipped 0.9 percent against the euro to 1.1126 francs per euro.