Swissie Weakens on Speculation About SNB Intervention

The Swiss franc fell against all but one of most-traded currencies today as Forex traders speculated the Swiss National Bank may adjust the set trading range for the franc in order to support the nation’s exporters.

The SNB imposed the ceiling of 1.20 francs per euro on September 6 to support the exporters and protect the nation’s economy from the excessive currency’s strength. The central bank said “it is prepared to buy foreign currency in unlimited quantities”. The bank’s spokesmen Walter Meier decline to comment when asked by reporters about the possibility of changing the trading band for the frank.

USD/CHF rose from 0.8818 to 0.8888 and EUR/CHF climbed from 1.2070 to 1.2141 as of 14:13 GMT today.

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