The Swiss franc dropped against the euro today as Thomas Jordan, the President of the Swiss National Bank, said that the currency is still too strong. The Swissie advanced versus the US dollar.
Jordan said yesterday during his speech on SNB monetary and investment policy in Berne:
The franc at its current level still has a high value,â Jordan said in Bern late yesterday. âThis burdens a lot of companies — especially in a phase of moderate global economic growth.
Such comments indicate that the SNB will not drop its cap on the franc in the near future. The central bank has put the ceiling of 1.20 francs per euro on September 2011.
EUR/CHF advanced from 1.2032 to 1.2039 as of 11:48 GMT today. At the same time, USD/CHF declined from 0.9289 to 0.9266.
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