As expected, the Swiss National Bank kept the rate on sight deposits at -0.75 percent and the target range for the three-month Libor between -1.25 percent and -0.25 percent.

Following the announcement, the franc dropped against its major rivals.

The franc was trading at 112.22 against the yen, 1.3219 against the pound, 1.1693 against the euro and 0.9455 against the greenback around 4:33 am ET.

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