The Swiss franc weakened against the euro today after the Swiss National Bank intervened, selling the currency in order to curb the franc’s appreciation.
The central bank began selling the currency in the last year to fight the deflation and to bolster the economy. Thomas Jordan, the Vice Chairman of the Governing Board, said:
During the financial crisis, there has been much pressure on the Swiss franc which appreciated. The SNB has countered that pressure so that until now we havenât seen an excessive appreciation of the Swiss franc.
EUR/CHF traded near 1.4373 as of 10:31 GMT today after it opened at 1.4368.
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