Swiss Franc Gains on Korean Conflict

The Swiss franc strengthened today after North and South Korea exchanged the artillery fire, increasing demand for the currency as the safe haven.

South Korea’s Joint Chiefs of Staff stated that North Korea fired artillery shells into the South near the western border between two nations. The MSCI Asia-Pacific Index of shares (excluding Japan as its markets closed for holiday) dropped as much as 1.9 percent.

USD/CHF traded at 0.9888 as of 9:59 GMT today, near its opening level of 0.9895. EUR/CHF traded at about 1.3439 after it opened at 1.3482 and dropped to the intraday low of 1.3380.

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