Swiss Franc Rise to Record as Traders Shun Risk

The Swiss franc rallied to the record against the US dollar as the attempts of Libyan leader Muammar al-Gaddafi caused traders to avoid risk.

The Swiss franc is considered to be a safe currency, attractive in times of uncertainties, and the conflicts in Libya and other countries of the region bring a lot of uncertainty on the markets. The MSCI World Index of shares fell 0.2 percent and the Stoxx Europe 600 Index dropped 0.6 percent. Futures on crude oil climbed to $119.79 per barrel London, the highest price since August 2008.

USD/CHF dropped from 0.9331 to 0.9254 as of 13:19 GMT today.

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