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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Swiss franc sinks toward dollar parity

Jul 16, 2012 11:26 AM

The monetary unit of Switzerland is growing weaker against the world's reserve currency and is driving toward parity, two investment houses' analysts told Bloomberg.

The hobbled 17-nation common currency of the European Union is proving to be detrimental to the safe-haven currency, according to Credit Suisse Group and Swissquote Bank. On Friday, the franc was hovering about its lowest value in more than a year-and-a-half against the U.S. dollar. The franc has lost about 20 percent of its value against the U.S. dollar since the central bank of Switzerland executed a cap for appreciation in September of last year.

"If the euro weakens due to global risk aversion toward $1.20, we would expect dollar-franc to reach parity," foreign-exchange strategist Bernd Berg with Credit Suisse in Zurich told Bloomberg.

The cap administered in September was part of a drive to ease exporters' challenges as the Swiss National Bank has decided to preserve the euro maximum of 1.20.

Ben Bernanke, chief of the U.S. Federal Reserve, was set to deliver congressional testimony on Tuesday and Wednesday, according to Reuters. Conjecture has grown about whether the central bank will employ another round of intervention to spur economic growth.

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