Categories: Need to know

Swiss government moves to devalue Franc

Franc will be pegged to the euro

by macleans.ca on Tuesday, September 6, 2011 1:01pm - 2 Comments

In a move that roiled European financial markets and stunned analysts, Switzerland announced plans to peg the value of the Swiss franc to the euro on Tuesday. The pledge spurred an immediate sell-off of the currency, which had climbed in recent months as investors sought safe haven amid turmoil in the EU and the U.S.

The Guardian

Tags: European Economy

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The move stunned currency traders, and sent the Swiss franc tumbling against other currencies. Jeremy Cook, chief economist at currency brokers World First, said it was “intervention on a grand scale”, and the start of a “new battle in the currency wars”.
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The move stunned currency traders, and sent the Swiss franc tumbling against other currencies. Jeremy Cook, chief economist at currency brokers World First, said it was “intervention on a grand scale”, and the start of a “new battle in the currency wars”.