Yesterday’s equity market sell-off sent investors into a defensive mode resulting in a move to safety of the Swiss franc. With the U.S. economy in turmoil and the Eurozone debt crisis weighing heavily on the euro, the Swiss franc has become a popular choice.
The franc climbed to 1.1343 per euro as of 8 a.m. in New York from 1.1380 yesterday. The Swiss currency gained to 78.83 centimes per dollar. The yen appreciated to 110.05 per euro from 109.76. It advanced to 76.48 per dollar from 76.58, after rising to 76.31, the strongest since Aug. 1.
Source: Bloomberg