By William L. Watts
FRANKFURT (MarketWatch) -- The euro soared EURCHF +8.40% versus the Swiss franc Tuesday after the Swiss National Bank said it would no longer tolerate the shared currency trading below 1.20 Swiss francs. The euro traded at 1.2139 francs in recent action, a gain of nearly 10%, after the dramatic move. In a statement, the SNB said the "current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development." The SNB said it will "enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities."
