Swiss Franc Falls After Hitting Record vs. Dollar, Drops vs. Euro

The Swiss franc slipped today against the euro after Axel Weber said that the European Central Bank should end its bonds-purchase program. The franc also fell after reaching the record high level versus the US dollar.

Weber, the President of the Deutsche Bundesbank and the Member of the Governing Council of the European Central Bank, said yesterday “these securities purchases should now be phased out permanently”. Weber’s comments provided support for the euro against the franc. The ECB President
Jean-Claude Trichet said that “the positive but modest underlying momentum of the recovery remains in place”.

The franc also fell against the dollar. Previously it reached the record high level versus the US currency as the Federal Reserve signaled about next round of the quantitative easing. The franc still tries to rebound.

USD/CHF rose from 0.9568 to 0.9590 as of 20:07 GMT today after it reached the all-time low of 0.9544. EUR/CHF went up from 1.3323 to 1.3385, following the advance to 1.3421.

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