The Swiss franc gained on the US dollar during the current trading session. The Swissie fell against the euro, but its daily high was near the highest level since the Brexit announcement.
The recent gains of the franc against the euro led to speculations that the Swiss National Bank, which was previously aggressively intervening on markets to bring the exchange rate down, is content with letting the Swiss currency to appreciate. Analysts point out that the rising franc will attract investors, thus making it even stronger, and thus the SNB will have to intervene sooner or later. But for now, the central bank tolerates the strong currency, making it an attractive choice amid the turbulent trading environment.
USD/CHF dropped from 0.9951 to 0.9884 as of 19:24 GMT today. At the same time, EUR/CHF gained from 1.0642 to 1.0678, though the rally was not enough to erase yesterday’s substantial drop.
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