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Euro strengthens against Swiss franc

8th November 2011

The euro has seen a 0.2 per cent gain against the Swiss franc in trading this morning (November 8th).

Surprisingly, given the current issues being faced by the single currency, the euro rose to 1.2430 against the franc in early trading, although it did dip further against the US dollar, Reuters reports.

Yesterday, ongoing fears over the state of the Italian economy resulted in a 0.8 per cent fall for the euro against the US dollar.

Action taken by the Swiss National Bank (SNB) in September capped the euro at 1.2, but this latest development has pushed forex trading close to this threshold and it remains to be seen how strong the bank will defend its position.

"The possibility of things going badly wrong, certainly with developments in Italy taking a turn for the worst, we could easily be looking back at the 1.22 level," commented Bank of New York Mellon currency strategist Neil Mellor.

He added that should the currency breach the 1.2 franc mark it will not take long for the SNB to take action.
 

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