Market Moving News: EUR/CHF - Jun 7

 @ibtimes
on June 07 2010 6:35 AM

Eur/chf - 1.3938 ... The single currency tumbled to a lifetime low of 1.3865 against the Swiss franc after triggering the sizeable stops below 1.4000 (traders expected SNB to be on the bid at 1.4000 but wasn't). Euro also nose-dived to a fresh 4-year low of 1.2090 b4 recovering whilst U.S. dollar fell sharply to 1.1426 versus Swiss franc. Besides, S. Korea finance minister Yoon Jeung-hyun in opening G20 remarks indicated the eurozone's debt crisis n the financial instability showed the fragility of the global recovery n more action is needed to sustain it. Party vice chairman Lajos Kosa was cited as saying by business news website napi.hu that the new government had found public finances in a much worse shape than previously expected and there was a slim chance of avoiding a Greek-style scenario. The news prompted investors to buy Swiss franc as safe-haven currency.

Share this article

More News from IBT MEDIA