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Swiss attempt to anchor franc
THE Swiss National Bank announced additional measures to counter a new jump in the safe-haven Swiss franc yesterday, including increasing liquidity to the money market and conducting foreign exchange swap transactions. “However, with liquidity already ample in Switzerland, the Swiss authorities could be doing little more than pushing on a string,” said Jane Foley of Rabobank. “The outlook for the Euro-Swiss franc lies largely in the hands of the Eurozone politicians rather than the Swiss authorities.”
The US dollar has plummeted against the Swiss franc in recent weeks, tumbling from 85 cents in July to close as 72.6 cents yesterday.