The Swiss franc rallied today as the political unrest in Egypt increased demand for safety as it threatens oil supply and may cause of wave of riots in Africa.
Egyptians went on demonstrations with demands to end the 30-year rule of President Hosni Mubarak. Mubarak imposed a curfew in an attempt to prevent clashes between police and the protesters. Police detained senior leaders of the Muslim Brotherhood and were firing tear gas as demonstrators were throwing rocks at police trucks.
Fitch Ratings downgraded the outlook on Egyptâs debt rating from “stable” to “negative”. The social unrest in Northern Africa bolstered prices for crude oil on concerns that supplies may be disrupted as a large amount of oil comes through Suez Canal.
USD/CHF dropped from 0.9452 to 0.9419 as of 20:38 GMT today. EUR/CHF slumped from 1.2982 to 1.2816.
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