The Swiss franc gained today as the debt problems in the European Union and the tension of the Korean peninsula turned the market sentiment to the risk aversion.
South Korea performed the artillery drill near the disputed border, increasing the possibility that its conflict with North Korea would escalate, and imposed he levy on the foreign exchange borrowings. The credit ratings of some European countries were downgraded and others may follow, increasing the demand for safety among investors.
USD/CHF went down from 0.9699 to 0.9660 as of 11:47 GMT today. EUR/CHF dropped from 1.2774 to 1.2712.
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