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Euro tumbles against franc

The euro fell to its lowest ever level against the Swiss franc on Monday.

At one point it was trading at only SFr1.4308, although later it rose to SFr1.4500. Since July it has lost more than ten per cent against the Swiss currency. In October 2007 it was at a record high, at SFr1.6828.

Experts say that the euro has weakened as investors have sold in order to buy up dollars, which remain the preferred currency of refuge.

Meanwhile, the Swiss stock market closed 3.07 per cent down on the day. Financial institutions were worst hit, with Swiss Re and Credit Suisse both losing more than 10 per cent.