🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Swiss franc falls vs dollar after German court ruling

Published 05/05/2020, 07:42 PM
Updated 05/05/2020, 07:50 PM
© Reuters.

LONDON, May 5 (Reuters) - The Swiss franc weakened more than
half a percent against the U.S. dollar on Tuesday after a German
constitutional court ruled that the Bundesbank must stop buying
government bonds if the European Central Bank cannot prove those
purchases are needed.
The verdict sent the euro reeling across the board with the
single currency EUR=EBS falling by 0.7% against the U.S.
dollar and 0.6% versus the Japanese yen EURJPY=EBS .
L8N2CN30D
Against the Swiss franc, however EURCHF=EBS , the euro
barely budged, with traders reporting a pick-up in intervention
by the Swiss National Bank, the country's central bank.
Sight deposits at the SNB have grown rapidly in recent weeks
as authorities have stepped up their intervention measures
around the 1.05 francs per euro levels. Traders said some of the intervention was also routed via
U.S. dollars with the franc weakening to $0.87075 versus the
greenback CHF=EBS .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.