The Swiss National Bank announced today that it will discontinue the minimum exchange rate of 1.20 per euro and introduced a negative rate of -0.75% on account balances that exceed a given exemption threshold. The news led to a massive rally of the Swiss Franc versus the single currency. The greenback also slumped after the surprise move and hit new lows. The euro also hit new lows at USD1.1574 in highly volatile trading after the news.