New Record of Franc Against Euro

The Swiss franc reached a new record versus the euro today on concerns that the European leaders won’t be able to reach an agreement regarding necessary measures to battle the sovereign-debt crisis.

The leaders of the European Union will meet in Brussels on July 21 to discuss the financial situation in the region. The European Central Bank strongly opposes any restructuring of the Greek debt and agreed to lend to the nation, disregarding the rating agencies that reduced Greece’s credit rating to junk status. Many market analysts think that the stress test of European banks, performed by the European Banking Authority last week, wasn’t tough enough to show real problems of the European banking system.

EUR/CHF reached the record low of 1.1405 today before trading trading at 1.1455 as of 8:53 GMT. USD/CHF traded at about 0.8149 after opening at 0.8091, bear the all-time low.

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