Swiss Franc Gains on Safety Demand, Rates Outlook

The Swiss franc against most major currencies as stocks and commodities declined and on speculation that the central bank will raise the interest rates.
The Standard & Poor’s 500 Index dropped 0.7 percent, while the Thomson Reuters/Jefferies CRB Index of raw materials lost 1.8 percent. The indebtedness of developed countries continues to restrain investors’ willingness to risk. Vice President of the Swiss National Bank Thomas Jordan said that the central bank will be required to increase the borrowing cost at some point in the future to maintain price stability.
USD/CHF fell from 0.8615 to 0.8590 as of 10:39 GMT today. Earlier, the currency pair reached its lowest level this day of 0.8556.

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