Barring one day of chaos in 2015, the euro is weaker than ever against the Swiss franc. The European currency fell to 0.9617 francs in trading on Monday, only to recover slightly in the evening. It wasn’t until the day the Swiss National Bank surprisingly lifted the euro’s minimum exchange rate of 1.20 francs in 2015 that the currency fell even lower with a brief spike.
For comparison, when the euro was introduced on January 1, 2002, the exchange rate was CHF 1.48. It even rose to more than 1.60 francs afterwards.
Forex traders cited the Russian war on Ukraine, lower European Central Bank interest rates, the energy crisis in Europe and Switzerland’s relatively low annual inflation rate of 3.4 percent as reasons for the strong franc.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
