Tuesday 9 August 2011

Forex & Currencies: Swiss Franc Surges as Market Confidence Dives - CNBC

Forex & Currencies: Swiss Franc Surges as Market Confidence Dives - CNBC
Published: Monday, 8 Aug 2011 | 8:33 PM ET
By: Reuters
The dollar fell to an all-time low near 0.7480 Swiss francs [CHF=X 0.751 -0.0038 (-0.5%) ], while the euro plumbed around 1.0640 francs [EURCHF= 1.0646 -0.0055 (-0.51%) ]. They last traded at 0.7550 and 1.0702 francs respectively.

Against the yen, the dollar slipped to 77.57 [JPY=X 77.23 -0.56 (-0.72%) ] from above 80 yen just last week, while the euro slid to around 110.00 yen [EURJPY= 109.47 -0.81 (-0.73%) ] from recent highs around 114.00.

"At this stage I suspect market concern outweighs the threat of intervention (by Swiss and Japanese authorities)," Grant added.

The common currency also lost ground on the greenback, falling to $1.4129 [EUR= 1.417 -0.0001 (-0.01%) ] from a session high around $1.4400 on Monday. It was last at $1.4173.

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