Switzerland's C. bank pegs Franc to euro

A huge day for currencies, shocking move from Switzerland's central bank pegging its currency to the euro. Well, it seemed to have worked, it knocked back the Swiss Franc's rally which has been threatening its economy with recession. The SNB said it would buy other currencies in unlimited quantities and use all means within its power to hold to the target. This ambitious manifesto was perceived by some analysts as some of the strongest language used by a central bank in modern times. The move immediately knocked around 8 percent off the value of the franc. The currency has soared by a third since the collapse of Lehman Brothers in 2008 as investors used it as a safe haven from the euro zone's debt crisis and stock market turmoil. The central bank, holding its quarterly monetary policy review on September 15th, also adds that even at rate of 1.20 to the euro, the franc was still high and should continue to weaken over time.