The Swiss franc firmed against the euro and the dollar on Monday despite a warning from Swiss National Bank board member Thomas Jordan over the weekend that the credit crisis posed risks for the Swiss economy. The outlook for the Swiss economy was good but there were risks on the downside as the impact from the global financial crisis was still unclear, Jordan said in a newspaper interview on Saturday.
The franc was trading at 1.6478 against the euro, up from a close of 1.6508 on Friday and was quoted at 1.1866 against the dollar, up from 1.1894 on Friday. The dollar has fallen to near-record lows against the euro as investors discount an imminent cut in US interest rates, with more to come in the coming months.
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