Zurich, August 5 (FinanceFlashNews) – The Swiss franc surged to a near 10-year high against the euro on Monday as investors sought safe-haven assets amid a global market sell-off. Fears over a potential US recession and geopolitical tensions in the Middle East fueled demand for the traditionally safe-haven currency.
Since the Federal Reserve’s decision to hold interest rates steady late last month, the franc has strengthened roughly 3.5% against the euro. The Swiss National Bank has so far refrained from intervening to curb the franc’s appreciation, which is a headwind for Swiss exporters.
CHF/EUR Exchange Rate Table
| Date | Exchange Rate (CHF/EUR) |
|---|---|
| Jan-2015 | 1.0500 |
| Aug-2015 | 1.0900 |
| Jan-2016 | 1.0800 |
| Jan-2017 | 1.1200 |
| Jan-2018 | 1.1400 |
| Jan-2019 | 1.1000 |
| Jan-2020 | 1.0800 |
| Jan-2021 | 1.0600 |
| Jan-2022 | 1.0700 |
| Jan-2023 | 1.0500 |
| Jul-2023 | 1.0300 |
| Aug-2023 | 1.0856 |
Key Takeaways:
- Swiss franc hits near 10-year high against euro.
- Market turmoil drives safe-haven flows into Swiss franc.
- Swiss National Bank has not intervened to weaken the currency.
