02 Jul

Swiss franc sinks

The euro has jumped to a new daily high versus the franc Thursday morning with reports that the Swiss National Bank is ready to intervene in foreign exchange markets if needed. Traders say that the Swiss National Bank has intervened in foreign exchange markets before and are willing to do it again. They intervened as early as last month to buy euros and sell Swiss francs.

The central bank has warned on a continuous basis that it would act to prevent further appreciation of the franc against the euro. The bank's willingness to act had the euro exchange rate up to a high of 1.5244 francs and remains 0.2% higher on the day at 1.5228 francs.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.