Swiss franc hits new 5-1/2-year high

The Swiss franc hit a fresh 5-1/2 year high against the euro on Thursday as investors sold riskier assets like stocks on increasing recession fears and looked for safer investments. "The latest data from Asia have increased concerns about a recession and European data are likely to be weak, too," RZB analyst Ronald Plasser said. "This is boosting the franc."
The franc rose briefly to 1.4851 against the euro, though it pared gains. It was 0.2 percent weaker compared to the New York close, trading at 1.4960 per euro. The franc fell 0.3 percent against the dollar to 1.1677 per dollar.