The Swiss franc showed a vigor and rose against its major counterparts on the Forex market today, despite the yesterday intervention and the serious tone of the central bank.
The franc rose slightly against the US dollar after losing somewhat during the first half of the trading session today. It also added significantly against the euro and the Great Britain pound. Versus the Japanese yen (weakened by the intervention of its own), the currency managed to reach a new maximum level since August 8, 2008.
Having risen over 17 percent against the dollar this year, the Swiss currency remains an attractive investment asset amidst the fiscal problems in the Eurozone and the positive macroeconomic indicators (namely, the current account surplus) in Switzerland. Nevertheless, such a steep appreciation of the national currency severely hurts the exporters. That is why the Swiss National Bank pledged for such harsh measures yesterday.
Despite the yesterday’s attempt to retreat and today’s second attempt to move down from the top, the franc remains as strong as ever. It seems like there’s little any financial institution can do with its growth.
USD/CHF declined from 0.7686 to 0.7676 as of 16:47 GMT, reaching as high as 0.7801 earlier today. EUR/CHF fell from 1.1041 to 1.0875, while CHF/JPY rose from 100.06 to 102.72 today.
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