The Swiss National Bank raised its key rate by 50 basis points to -0.25 percent from -0.75 percent. The franc firmed against its major counterparts after the decision.

The franc was trading at 136.53 against the yen, 1.0238 against the euro, 1.1876 against the pound and 0.9841 against the greenback around 3:35 am ET.

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