Swiss franc continues remorseless climb By Michael Millar Wed 17 Aug 2011 |
LONDON (SHARECAST) - The Swiss National Bank (SNB) has again tried - and failed - to push down the value of the Swiss franc, which it says is "massively overvalued".
It increased bank sight deposits from CHF120bn to CHF200bn, significantly increasing the money supply and placing further downward pressure on interest rates.
Sight deposits are funds which can be transferred immediately and without restriction to another account or which can be converted into cash.
However, the central bank refrained from either pegging the currency to the euro or adopting a target, as had been expected.
The franc climbed 1.2% against the dollar and 0.7% versus the euro.
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=4445023&print=1
US Dollar vs Swiss Franc Forex Chart
Euro vs Swiss Franc Forex Chart
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