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Swiss franc gains against euro

AFP · 19 Dec 2011, 16:03

Published: 19 Dec 2011 16:03 GMT+01:00

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The Swiss franc rose further against the euro on Monday despite last week's decision by the central bank to maintain its cap on the exchange rate.

At 2.45pm, the Swiss currency stood at 1.219 francs against the euro -- a high since the end of November -- compared to 1.2204 late on Friday.

The franc rose swiftly last Thursday after the decision of the Swiss National Bank to continue to enforce its minimum exchange rate of 1.20 franc per euro, imposed at the beginning of September to hold the Swiss currency down and support exports.

The SNB said it was prepared to take further measures, including buying "unlimited" foreign currency if necessary.

Analysts at the Zurich Cantonal Bank said the "lateral" movement of the franc would continue for several weeks.

Story continues below…

But if the Swiss currency should near the 1.20 limit against the euro, the SNB would intervene, they said.

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Your comments about this article

2011-12-21 01:50:00 by HoppSuisse
Print CHF and trade for € in order to weaken the CHF and be able to trade with our neighbors.

Then take the € and buy GOLD with it.

It is a win-win situation for us as the world currencies are in a race to the bottom.

2011-12-20 15:33:19 by DACHer
Well... Swiss export and banks are struggling! In the current economy model: Too good is not good. There is an increased possibility that somehting is going to hit the fan.
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