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Swiss franc surges to decade high as traders seek last ‘reliable’ haven

Alpine currency at strongest level since 2015 shock appreciation, putting pressure on central bank. The Swiss franc has surged to its strongest level against the US dollar in more than a decade, as a stampede into what traders are calling currency markets’ last “reliable” haven poses an increasing problem for the Swiss National Bank. The Alpine currency is already up more than 3 per cent this year to stronger than CHF0.77 against the dollar, after a 14 per cent gain last year, as political risks drive investors to look for alternatives to the US currency. That has taken the franc to its strongest against both the dollar and the euro since a shock appreciation in 2015. The rally threatens to push down on prices in a country with an annual inflation rate of 0.1 per cent, and may have further to run, according to some analysts. This surge shows “the Swiss franc is the one reliable safe haven currency of choice for global investors,” said Derek Halpenny, head of research in global ... Full story here Are you the author?
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