Franc Retreats as SNB Expands Currency Reserves
The Swiss franc fell today as Switzerland’s central bank reported its foreign currency reserves grew in September. Traders fear the bank may take additional measures to weaken the franc.
The Swiss National Bank reported its foreign currency reserves expanded to 282.352 billion francs ($306 billion) in September from 253.351 billion in August. Forex analysts speculate that the SNB may lower the ceiling for the
EUR/CHF rose from 1.2320 to 1.2343 today as of 10:01 GMT, while the daily maximum was 1.2426. CHF/JPY dropped from 83.16 to 82.85, following the fall to the minimum of 82.39.
If you have any questions, comments or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.
Earlier News About the Swiss Franc:
- Franc Drops as Swiss Economy Weakens (2011-10-03)
- Swissie Weakens on Speculation About SNB Intervention (2011-09-20)
- SNB Maintains Rates at Zero, Franc Strengthens (2011-09-15)
- Franc Considered Overvalued Even Pegged to Euro (2011-09-09)
- Record Drop of Franc After SNB Pegs Currency to Euro (2011-09-06)