Swiss franc breaks new record against euro

The Swiss franc reached a new high against the euro on Wednesday, rising to SFr1.2971 for the first time since the introduction of the European currency in 1999.

This content was published on August 25, 2010 - 20:19

This latest appreciation of the franc against the euro follows the Swiss National Bank’s decision not to further intervene in the currency market for the moment.

The central bank announced in July that it spent around SFr132 billion to keep the Swiss franc down by boosting the demand for euros. The money went largely to buying the common European currency.

The Swiss franc still climbed against the euro during the first six months of the year, amounting to more than SFr14 billion in losses for the bank.

Late last year, the Swiss had to pay around SFr1.50 for a euro. On July 1 the franc had reached its strongest ever position, with a euro costing SFr1.3070. and agencies

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