Franc Goes Higher While Stocks & Commodities Fall

The Swiss franc profited from the decline of equities and commodities and gained against all other major currencies, bolstered by demand from Forex market participants for a safe haven.

The Standard & Poor’s 500 Index fell 0.2 percent, following the previous 0.5 percent drop. The Reuters/Jefferies CRB Index of raw materials fell 0.3 percent. June futures for crude oil delivery lost 0.9 percent and traded at $112.56 per barrel. The question remains about what a response from Al-Qaeda to the death of Osama bin Laden would be and until the uncertainty will be removed traders prefer to stick to safe assets, like the franc.

The Swiss currency gained 0.5 percent against the dollar and 0.2 percent versus the euro. The currency retreated a little at the start of today’s trading session.

USD/CHF traded near 0.8622 today as of 00:23 GMT after it declined yesterday from 0.8651 to 0.8612. EUR/CHF traded at 1.2781, following the drop from 1.2826 to 1.2765, and CHF/JPY traded at about 93.97.

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