RTTN: Swiss Franc Surges Up Against Most Major Rivals
(RTTNews) - During European trading on Wednesday, the Swiss currency traded higher against most of its major counterparts. The franc rose to more than a 2-year high against the US dollar, a fresh multi-month high versus the yen and a 1-week high against the pound.
Extending previous session upward trading, the franc advanced further against the US currency in today's European deals and hit more than a 2-year high of 0.9875 by about 6:15 am ET. As of now, the pair is worth 0.9893.
The greenback declined further against majors as investors continued to sell the greenback after the Federal Reserve hinted yesterday that it is prepared to provide additional accommodation if needed to support the economic recovery.
The Federal Reserve's Federal Open Market Committee voted Tuesday to continue to maintain interest rates at near zero levels, keeping the target range for its federal funds rate at zero to 0.25 percent.
Against its Japanese counterpart, the franc spiked up to a fresh multi-month high of 85.75 as of 6:15 am ET from yesterday's close of 85.44.
After a slight weakness in early Asian session, the Swiss unit advanced further against the British pound in European trading today. At 6:15 am ET, the franc jumped to a 1-week high of 1.5488 versus the sterling, which may en compared to Tuesday's closing value of 1.5570.
The minutes of the Monetary Policy Committee meeting of the Bank of England showed that eight members voted to hold the interest rate at a record low of 0.5%, while Andrew Sentance sought a 25 basis point hike. The meeting was held on September 8 and 9.
