The Swiss franc rallied against the euro as people in Greece are protesting against the austerity measures and Greece’s Prime Minister George Papandreou may resign. The currency slipped versus the US dollar and the Japanese yen.
As much as 20,000 protesters in Greece went on demonstrations against the planned wage cuts and tax increases. The police forces fired teargas at the protesters.
Papandreou offered to resign to allow the formation of a unity government if all opposition parties would agree to the planned cuts. The tightening is required to receive the planned â¬100 billion bailout. The Prime Minister said:
Each must assume their responsibilities to the people and the country. We will proceed with imperative decisions.
EUR/CHF fell to 1.2092 from 1.2208 today as of 22:50 GMT after rising to 1.2245. USD/CHF climbed to 0.8527 from 0.8425. CHF/JPY dropped to 94.83 from 95.17.
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