Swiss Franc Reaches Parity with US Dollar as Growth Concerns Rise

The Swiss franc reached parity with the US dollar today for the first time since December 4th 2009 as the demand for the safety grew on the concerns for the global recovery and the stocks declined.
The German ZEW Economic Sentiment slipped from as much as 18.3 point from 14.0 to -4.3 in September. The reading below zero indicates pessimism. Axel Weber, the president of the Deutsche Bundesbank, said that the European policy makers “shouldn’t be tempted to call an end” to the sovereign-debt crisis. The Stoxx Europe 600 Index dropped 0.1 percent.
USD/CHF declined from 1.0073 to 1.0048 today as of 11:49 GMT after it reached the intraday low of 0.9997.

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