Euro rallies on speculation of SNB intervention

London

THE euro rose strongly across the board on Thursday, gaining more than one per cent against the Swiss franc, as traders speculated that the Swiss National Bank (SNB) was again buying euros in order to weaken the franc.

Having fallen around two US cents late on Wednesday after the European Central Bank (ECB) said it would no longer accept Greek bonds in return for funding, the euro gained around 0.7 per cent versus the dollar on Thursday, trading at US$1.1420.