Franc Gains Before Meeting of EU Finance Ministers

The Swiss franc strengthened today before the meeting of the European Union finance ministers today, where they’ll discuss the debt issues.
The ministers will negotiate about the terms of the bailout for Greece. Another theme of the discussion will be €78 billion ($110 billion) aid for Portugal. It looks like market participants don’t believe that this meeting will help Europe in any meaningful manner and seek safety of the Swiss currency.
USD/CHF fell from 0.8926 to 0.8878 and EUR/CHF dropped from 1.2580 to 1.2540 today as of 12:00 GMT.

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