Swiss Franc Falls Sharply on Prospect of Global Monetary Policy Tightening
Dow Jones
Sep 29
0717 GMT - The Swiss franc falls to a 16-month low against the dollar and an 11-day low versus the euro. The franc continues to be hit by prospect of the Swiss National Bank keeping interest rates at 0% while peers, including the U.S. Federal Reserve, raise interest rates in response to rising oil prices due to the Middle East conflict. "The franc's weakness appears a more structural problem at this stage," ING's Francesco Pesole says in a note. The dollar rises to as high as 0.8339 francs and ING sees it reaching 0.84-0.85 if the Fed raises interest rates in October. The euro rises to as high as 0.9471 francs.
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