Swiss Franc Rises Even as Politicians Say It Should Be Weakened
The Swiss franc advanced today even as Swiss politicians said that the currency is still strong and should be weakened further. It looks like even the recent drop of the Swissie was not enough to reduce the negative impact of strong currency on the nation’s economy.
The franc started its drop against the euro on January 10, paused it after reaching the lowest level since May 2011 and after a short rally resumed decline again. Yet the retreat of currency was not enough to make the Swiss government happy. Swiss Finance Minister Eveline Widmer-Schlumpf said:
Euphoria is misplaced. The franc is still very strong.
Johann Schneider-Ammann, the Head of the Department of Economic, echoed that statement, saying that the franc is still “too strong” and he “hopes it will devalue further”. Such comments did not deter the currency from rising today. That was the first advance in four sessions against the shared European currency.
USD/CHF traded at 0.9263 as of 11:09 GMT today after opening at 0.9267 and rising to 0.9287. EUR/CHF was at 1.2454, falling from the opening price of 1.2480 and the intraday maximum of 1.2504.
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Earlier News About the Swiss Franc:
- Franc Drops as Demand for Safety Wanes (2013-01-17)
- Swiss Franc Drops vs. Euro as CPI Declines (2013-01-11)
- Swissie Falls vs. Dollar on Poor Swiss Fundamental Data (2013-01-04)
- Franc Erases Gains vs. Dollar & Yen as SNB Maintains Ceiling (2012-12-13)
- EUR/CHF Surges as UBS Charges for Deposits (2012-12-11)