The Swiss franc advanced against the euro today to the record high level after the Swiss National Bank said that it’s not likely to intervene to prevent the franc’s appreciation.

Jean-Pierre Danthine, the Member of the Governing Board of the SNB, said that the concern about the deflation “practically disappeared”. He also added that if it would be necessary to increase the interest rates, the central bank “would be able to react very quickly”.

EUR/CHF traded at 1.3270 as of 9:38 GMT today after it opened at 1.3341.

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