Waheed Mahmood
ZURICH: The Swiss franc hit a fresh all-time high against the dollar on Thursday as traders took falls in US bond yields, which erode the return on US assets, as a cue to sell the greenback.
The franc, which has attracted funds escaping euro-zone debt problems, also traded within reach of a recent peak versus the euro as investors continue to prefer the solid Swiss economy to the potentially unstable euro-zone. The Swissie was 0.3 per cent higher against the dollar compared to the New York close, trading at 0.9431 per dollar at 0731 GMT. The franc earlier hit a new record high against the dollar of 0.9418 franc per dollar, according to Reuters data.
The franc was up 0.2 pct against the euro at 1.2481 per euro. “Recent record highs in the Swiss franc are not linked to any event in particular as there has been no news boosting risk aversion over the last few days,” analyst said, adding that markets were rather illiquid during the holiday period. -Reuters
The franc was up 0.2 pct against the euro at 1.2481 per euro. “Recent record highs in the Swiss franc are not linked to any event in particular as there has been no news boosting risk aversion over the last few days,” analyst said, adding that markets were rather illiquid during the holiday period. -Reuters
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