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CHF Reaches Record vs. USD, EUR & GBP

July 14, 2011 at 19:39 by Vladimir Vyun

Swiss francThe Swiss franc touched a record versus the US dollar, the euro and the Great Britain pound today after Fitch Ratings downgraded Greece’s credit rating. The currency erased gains on the speculation that the Federal Reserve won’t continue its quantitative easing program.

Fitch cut the credit rating of Greece from B+ to CCC and removed Greece from Rating Watch Negative. The agency wrote, explaining its decision:

The latest rating actions are in light of the recently-concluded fourth review of Greece’s economic programme by the IMF, along with the absence of a new, fully-funded and credible EU-IMF programme for the sovereign.

The franc retreated after the positive macroeconomic data from the US and as Ben Bernanke spoke about growing inflation, spurring speculation that the Fed won’t increase stimulus for the US economy. The franc has advanced more than 16 percent in a year against nine currencies of the developed markets.

USD/CHF traded at 0.8171 as of 19:39 GMT today after tumbling from 0.8177 to 0.8081. EUR/CHF traded at about 1.1551 following the slump from 1.1580 to 1.1493. GBP/CHF traded near 1.3180 after it slid from 1.3167 to 1.3049.

If you have any questions, comments, or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.

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