Posted On: February 02, 2012
Conjecture about the Swiss National Bank stepping in to water down the value of the nation's monetary unit dissipated on Thursday after the currency recovered against the US dollar and the shared currency of the European Union, Bloomberg
reports.
The Swiss franc's upward drive was propelled by a report issued by the government noting that exports increased during the final month of last year. The Swiss National Bank imposed a 1.20 per euro limit this past September and one member of the governing board told the news service last week that it remains ready to defend that peg.
"The whim of euro-dollar going up and down seems to be dragging euro-Swiss in a modest range," market strategist Elizabeth Gregory with Swissquote Bank told the news service.
The Federal Customs office indicated that exports from Switzerland gained 6.1 percent in December from the month prior.
The value of the Swiss franc has fallen 14 percent against nine rival currencies during the past six months on
foreign exchange markets.
Despite the recent turmoil and upheaval, the value of the Swiss franc presently is roughly 30 percent stronger than it was prior to the eruption of the financial crisis in 2008,
according to Reuters.
Category: Industry News
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