Minister Says No Need for Additional Measures to Weaken Swiss Franc
The Swiss franc rose against the US dollar and dropped versus the euro today. Swiss Economy Minister Johann Schneider-Ammann said that there is less pressure for policy makers to introduce additional measures to weaken the Swiss currency.
Previously, the Swiss government was considering rather drastic measures to keep the franc week, including capital controls. Now, it looks like there are fewer chances for such measures to be implemented. The minister said:
Last year, in the most difficult phase of the franc crisis, we discussed a range of measures and worked to get them ready should the situation change dramatically,” Schneider. But this need doesn’t appear to be imminent. There’s less of a risk than a year ago that these measures will be used.
USD/CHF fell from 0.9582 to 0.9550 as of 16:19 GMT today. EUR/CHF jumped from 1.2010 to 1.2035, while the intraday high was at 1.2045.
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Earlier News About the Swiss Franc:
- Franc Weakened by Falling Swiss GDP (2012-09-04)
- Franc Posts Weekly Gains vs. Dollar & Yen, Flat vs. Euro (2012-08-18)
- Swiss Franc Follows Euro in Gains (2012-07-03)
- Franc Follows Euro in Gains, EUR/CHF Closes Flat (2012-06-30)
- Franc, SNB & Euro-Peg: Can Swiss Central Bank Maintain Ceiling? (2012-06-20)