Forex trading was halted across the world on Friday as markets slumped to one of their lowest levels in history as the Swiss National Bank suspended trading and foreign currency markets were closed.

The plunge came as foreign-exchange markets hit their lowest level in nearly six years, with sterling down nearly 4 percent and the dollar down about 4 percent.

The Swiss National bank halted trading for the second straight day after it failed to reach a deal with the country’s central bank, prompting concerns that it may be losing control of the global economy.

The move comes as a series of warnings about global economic woes and a potential global recession continue to build.

Traders have been watching the market closely as the central bank announced it was suspending trading and currency trading in the Euro and Swiss francs to prevent a slide in the value of the Swiss franc.

The bank said that the move was to maintain “the stability of the financial system.”

The dollar fell against the euro and the greenback against the franc, and the euro lost about 2.5 percent against the pound, while the Swiss dollar slipped to its lowest level since June 2006.

The yen also lost against the dollar, losing more than 2 percent to 103.5 yen, while sterling was little changed at $1.2557.