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giovedì 1 settembre 2011

Franc Rallies as SNB Doesn’t Intervene

The Swiss franc gained today for the second day, snapping yesterday its three-day downfall versus the US dollar and the euro, as the Swiss National Bank hasn’t announced new measures to curb franc’s strength. Previously, the Swiss currency was dragged down by the speculation the central bank would peg the franc to performance of the euro. Market participants expected the SNB would release some information about euro-peg or, perhaps, other steps for draining strength of the Swiss currency. There was none, prompting traders speculate that the Bank is content with the current rate of the franc in relation to the euro. USD/CHF fell from 0.8059 to 0.8001 and EUR/CHF dropped from 1.1585 to 1.1427 as of 10:38 GMT today.

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