Swiss Franc Continues Drop vs. Euro on Minister’s Commentary

The Swiss franc continued to fall against the euro today, as the country’s economy minister voiced a concern over the franc’s current strength.

Johann Schneider-Ammann, Swiss minister of economy, said at the press briefing in Bern today that the country is in a very good shape compared with the Eurozone but that the overvalued currency still remains a concern as a potential threat. The Swiss franc fell against the euro and the Japanese yen today in a correction that follows a long-term bullish trend that lasted since November 2007 and had its historical peak on December 30.

EUR/CHF rose from 1.2895 to 1.2945 as of 16:04 GMT after rising to as high as 1.2996 today — the maximum level since December 14. CHF/JPY fell from 85.71 to 85.54.

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