Euro drops below 1.20 Swiss franc floor
Published: 05 Apr 2012 17:27 GMT+02:00 | Print version
Updated: 05 Apr 2012 17:27 GMT+02:00
The euro on Thursday dipped briefly below the 1.20 Swiss franc floor imposed by Switzerland's central bank to curb the soaring local currency.
The euro fell to 1.1997 francs at around 11.45am before shortly recovering to trade back above the threshold again at 1.2019 francs.
A spokesman for the Swiss National Bank declined to comment to AFP whether the bank had intervened.
Since imposing the limit last year, the central bank has consistently said it would defend the level with the "utmost determination," and pledged to buy unlimited amounts of euros to keep the 1.20 francs minimum.
Investors unsettled by the eurozone debt crisis and uncertain US economic prospects have flocked to a perceived safe haven in Switzerland, driving up the value of the franc to the detriment of Swiss exporters.
The Swiss currency gained 11 percent against the euro and 15 percent against the dollar between January and September 5, 2011, when the SNB intervened decisively on foreign exchange markets to stem its rise.
Swiss scientists map rooms by miking echoes
A snap of a finger, a handful of scattered microphones and a computer algorithm are all it takes to create an accurate three-dimensional map of a room, Swiss and US researchers said on Monday. READ () »
Senior dies in mountain pass motorbike crash
A 72-year-old Swiss man died on Monday after the motorcycle he was driving collided with a van in a Jura Mountain pass. READ () »
Swiss heatwave follows rain and wind storms
After a cool spring, torrential rains, flooding and wind storms, Switzerland is now sweating it out through a heatwave. READ () »
Foreign banks call for Swiss tax deal with US
Foreign banks based in Switzerland called on Monday for a rapid resolution of a dispute with Washington over Swiss banks' role in tax evasion by Americans, warning the prolonged uncertainty was putting entire financial institutions at risk. READ () »
Bern pushes 'global standard' for bank data
The Swiss federal government wants the OECD group of industrialized nations to broker a global deal on the exchange of information about people who bank their cash outside their homeland. READ () »
Swiss boffins create search and rescue robot
Swiss researchers said Monday they have created a small four-legged, high-speed robot that runs like a cat in a bid to create a new breed of automated devices for use in search and rescue operations. READ () »
ABB board appoints German as new CEO
Swiss-Swedish engineering giant ABB on Monday named the head of its Discrete Automation and Motion (DM) division, Ulrich Spiesshofer, as its new chief executive after Joe Hogan announced last month he would step down. READ () »
Depression exacts heavy cost on Swiss economy
Almost one in six Swiss residents suffers from symptoms of depression, an illness that costs Switzerland’s economy an estimated 11 billion francs a year, a report released on Monday says. READ () »
Train kills boy at same spot where uncle died
Questions are being raised anew about the safety of a level crossing in a Fribourg village after an eight-year-old boy was killed by a train near the same spot where his uncle died in 2004. READ () »
Swiss ready to probe Snowden ‘if warranted’
Swiss President Ueli Maurer says Switzerland is prepared to launch a criminal investigation against American spy Edward Snowden if concrete proof of his activities in the Alpine country is confirmed. READ () »
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 18/06 No review for hand-shake discrimination case »
- 18/06 Swedish princess bride escapes traffic fine »
More news from Sweden at thelocal.se
- 18/06 Merkel: I'll tackle Obama on surveillance »
- 17/06 Assad: Europe will 'pay price' if it arms rebels »
More news from Germany at thelocal.de
- 17/06 France hits back at EU chief's 'reactionary' slur »
- 17/06 Animal rights groups slam Paris 'cat café' plan »
More news from France at thelocal.fr
More news from Norway at thelocal.no
- Area Sales Manager
- Business Analyst Financial Reporting and Consolidation Systems (f/m)
- BUSINESS CONTROLLER & TREASURY ANALYST
- Business Development Sales (Automobile Trade Sales) 100%
- Business Development Sales (Automobile Trade Sales) 100% Arabic or Arabic/French
- CH-HR Manager
- CH-Nespresso Magazine Trainee
- CH-Recipe Management Functional Expert
- Communication Manager
- Complaint Lead Investigators (m/f)
- 08:07 Driving to switzerland- Very complex case-…
- 08:02 New Company Formation- Fiduciaire Fribourg…
- 08:00 Decimal point? NOOO decimal comma!
- 07:54 Iran's Presidential Election 2013: Where Iranian-Swiss…
- 07:52 Making mayonnaise with blender
- 07:47 Rural in Vaud - Is satellite my only option?
- 07:37 Baby coming better to mary from tax POV ?
- 07:27 Advice on home cooked meals
- 06:54 Breast Pump - Electric? Manual? Rent? Buy? OY!
- 06:33 Train - Zone/Ticket Question
Your comments about this article:
The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.
Then take the € and buy their GOLD with it.
It is a win-win situation for us because all the world currencies are in a race to the bottom.
HoppSuisse