The Swiss franc rose against the dollar and crept upwards against the euro on Friday as investors worried about the health of the global economy. "People are more worried that the economic rebound may take longer to materialise than they had hoped after a generally positive outlook earlier this month," said UBS economist Reto Huenerwadel.
"The strength of the Swiss franc against the dollar is more about weakness in the dollar than strength in the franc." The Swissie strengthened 0.5 percent against the dollar to 1.145 francs per dollar. The franc rose ticked up against the euro compared to the New York close, trading at 1.5111 francs per euro.
"We're currently seeing the (euro/franc grinding back down to 1.51 maintaining pattern of last few weeks," said Martin McMahon, forex analyst at Credit Suisse. "There's little out there at the moment to drive the euro-Swiss franc higher apart from the SNB," he said.
Comments
Comments are closed.