Early trade in New York: Swiss franc rallies

03 Aug, 2011

The Swiss franc vaulted to record highs against the dollar and euro on Tuesday as sluggish global growth, fresh concerns about the eurozone debt crisis and fears about the United States' coveted triple-A rating led investors to bet in favour of the safe-haven currency.
The dollar fell to 0.77199 Swiss francs on electronic trading platform EBS, its seventh straight interday record low. Support levels few and far between, chartists at Barclays highlighted a 33-year trendline which comes in around 0.7580. The euro was last down 0.3 percent at $1.4212 after having slumped to $1.41576, its weakest since July 21.

Read Comments