Swiss franc hit 5-mth low vs euro, expectations of more SNB action grow
[LONDON] Swiss franc fell to its lowest in five months against the euro on Thursday, as investors cut positions after recent data showed that Switzerland was mired in deflation added to pressure on the central bank to ease monetary policy further.
Traders said with the Greek debt crisis also moving onto the backburner, safe-haven inflows which have underpinned the franc in recent months, were ebbing. Added to it, the Swiss National Bank has been intervening in thin trading conditions to drive down the franc, traders said.
The euro rose 0.3 per cent to 1.0701 francs, its highest since March 10, on trading platform EBS. The dollar, too, was 0.2 per cent higher at 0.9810 francs, having hit a high of 0.9822 francs on Wednesday, its highest since mid-April.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
India’s inflation at risk from extreme weather, geopolitical issues: central bank
Thailand to replace military-appointed Senate, reduce its powers
Bankers lose hope of London IPO revival for another year
Decarbonisation schemes are generating hot air
BOJ will hike rates if trend inflation accelerates, says Ueda
India tells spice makers to give details of quality checks after Hong Kong allegations