Friday, 2 September 2011

Franc Rallies as SNB Doesn’t Intervene

The Swiss franc gained for a second day today, yesterday broke his three-day drop against the U.S. dollar and the euro, as the Swiss National Bank has announced new measures to curb the strength of the franc.

Previously, the Swiss currency was swept by speculation that the central bank parity of the franc to the euro's performance. Market participants expect the SNB would release some information about euro-or, perhaps, other measures to drain the strength of the Swiss currency. No one, traders spurred speculation that the Bank is satisfied 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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