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Foreign exchange: Swiss francs rose against the euro to the highest level since 2015

Swiss franc banknotes

The currency fell below a level that the central bank had last defended.


(Photo: dpa)

Zürich In search of safe asset classes, more and more investors are buying Swiss francs. As a result, the federal national currency is becoming more expensive against the euro. For the first time since the Swiss franc / euro exchange rate was released in January 2015, the Swiss national currency was quoted below 1.05 francs per euro. Marc Brütsch, chief economist at the insurer SwissLife, is already talking about a “mini-franc shock”.

Ulrich Leuchtmann, foreign exchange market expert at Commerzbank, sees the reason for the revaluation being the decreasing willingness to take risks in the markets. In view of new lockdowns in Europe, for example in Austria, investors fear that the fourth corona wave will affect the economy in Europe more than, for example, in the USA. This also means that interest rate hikes in the euro zone are a long way off, while these are expected in the USA for the coming year, according to Leuchtmann.

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Reference-www.handelsblatt.com

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