The Swiss Franc Gains Strength As Europe Deliberates Over The Greek Debt Problem

“The Swiss franc appreciated against all 16 of its most-traded peers as investors sought the safest assets amid speculation a meeting of finance ministers will struggle to resolve the euro area’s debt crisis.

The franc rose from its weakest level against the dollar since April 20. The yen strengthened as equities and crude oil declined, while U.S. Treasuries advanced. New Zealand’s dollar fell for a second day as investors sold higher-yielding assets.

“You could argue that the Swiss franc is going up because there’s greater concern about the euro periphery,” said Daragh Maher, deputy head of global foreign exchange strategy at Credit Agricole CIB in London. “There doesn’t seem to be much conviction to euro buying. People are still very nervous.”

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