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Swiss Franc on Record Against Everything

August 1, 2011 at 16:45 by Andriy Moraru

Swiss francThe Swiss franc managed to rise against all other major currencies pair in Forex market today, as the debt-lifting measures in US threaten to weaken the global economy, pushing down the demand for “unsafe” currencies.

The Swiss currency rose to its historical maximum against the US dollar and the euro today. It also reached the maximum level in 3 years against the Japanese yen. The Forex traders favored the safe-haven franc, expecting economic slowdown in the developed countries. Japanese yen failed to benefit from the situation, as the financial authorities there said that they will be watching the market for a possible currency intervention.

The US stock market also fell as the traders came to a conclusion that the debt-lifting agreement, which is to increase the the debt ceiling by at least $2.1 trillion, will also curb the country’s growth, as the planned $2.5 trillion budget deficit cut will negatively affect the consumption.

USD/CHF declined from 0.7931 to 0.7810 as of 16:43 GMT, reaching as low as 0.7729 earlier today. EUR/CHF decreased from 1.1394 to 1.1100 with a daily minimum at 1.1026. CHF/JPY rose from 97.49 to 98.45.

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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