BLBG: Swiss Franc Rises as Equities Pare Gains, Spurring Haven Demand
The Swiss franc rose against the euro and dollar as European equities slipped and investors sought safer investments.
“There’s been a dip in equity futures because of bad U.K. data, which is what the franc’s reacting to,” said Manuel Oliveri, a currency strategist at UBS AG in Zurich. “If it were making a big move, the Swiss central bank would come in again, so we expect it to remain above 1.50.”
The franc strengthened 0.3 percent to 1.5336 per euro at 11:35 a.m. in Zurich, from 1.5383 yesterday. It was at 1.1740 versus the dollar, compared with 1.1823.
European stocks pared gains today after a report showed U.K. unemployment rose in February at the fastest pace since at least 1971.
