The Swiss franc was in spotlight today, being the strongest currency on the Forex market. The reason for that was geopolitical tensions in Middle East.
The reason for the franc’s extremely good performance was the news that Iran downed a US drone. Unsurprisingly, the event worsened the already strained relationships between the United States and Iran. The Swissie, being considered a safe currency, often thrives in an environment of fear and risk aversion, and that was certainly the case today.
USD/CHF plunged from 0.9941 to 0.9820 as of 15:41 GMT today. CHF/JPY jumped from 108.72 to 109.48.
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Swiss Franc Strongest due to Middle East Tensions
