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Thursday, 30 Dec 2010
Forex: Swiss Franc Continues Climbing
The Swiss franc hit record highs versus the euro and dollar on Thursday and looked set to extend gains as lower U.S. bond yields and concern about the euro-zone debt crisis prompted investors to seek safety in the Swiss currency.
The dollar weakened broadly, hitting a seven-week low against the yen and a 28-year low against the Australian dollar after a surprisingly strong Treasury auction on Wednesday put pressure on government bond yields.
The euro briefly climbed above $1.33 after breaking above its 20-day moving average around $1.3224, though gains were limited amid worries about debt troubles in Portugal and Spain.
