THE SWISS FRANC IS ROCKETING UPWARDS

More than three years of stability between the euro and Swiss franc just ended suddenly, as the Swiss central bank abandoned attempts to cap the currency's value.

The bank previously aimed to let the franc rise no higher than 1.20 to the euro (about €0.83 to each franc). As soon as the change was announced, it smashed immediately higher, breaking through the previous "ceiling". It broke through a 1:1 exchange rate, surging above €1.10.

Here's the euro plunging against the franc, down by nearly 28%, an astonishing move for a currency:

The central bank cut also interest rates even further into negative territory this morning, down to -0.75%.