Swiss Franc Depreciates as Global Economy Looks Good

The Swiss franc dropped today on the speculation that the global economic growth will offset the influence of the European sovereign-debt issues and the crisis in Japan.
The two-daysummit of the European Union leaders is nearing to conclusion today and is expected to bring some relief to the troubles of the EU smaller economies. The resolution of the debt crisis will be much welcomed after Standard & Poor’s downgraded Portugal’s credit rating yesterday.
USD/CHF advanced from 0.9081 to 0.9136 and EUR/CHF rose from 1.2872 to 1.2928 as of 12:19 GMT today.

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