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Swiss Franc Soars Amid Market Turmoil

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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

DateExchange Rate (CHF/EUR)
Jan-20151.0500
Aug-20151.0900
Jan-20161.0800
Jan-20171.1200
Jan-20181.1400
Jan-20191.1000
Jan-20201.0800
Jan-20211.0600
Jan-20221.0700
Jan-20231.0500
Jul-20231.0300
Aug-20231.0856

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.
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