Swiss Franc Weakens to Over 1-Month Low

The Swiss franc depreciated toward 0.785 per USD, reaching the lowest level since January 22, amid the prospect of possible interventions to weaken the currency.

The Swiss National Bank said on Monday that, in view of the international situation, it is increasingly prepared to intervene in foreign exchange markets to counter rapid and excessive appreciation of the franc, which would compromise price stability in Switzerland.

The franc’s remarkable ascent against major currencies, fueled by safe-haven flows from persistent geopolitical tensions and heightened further by the Middle East crisis, is creating significant challenges for Switzerland’s export-driven economy.