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11th of August 2011
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Swiss Government holds emergency meeting as franc rises

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by Kay Mitchell

The value of the Swiss franc continues to rise today as investors regard it as a safe haven amid the economic turmoil.

Today, the US dollar hit an all-time low against the Swiss franc, while rising against the euro to 1.0917.

A report from the Bloomberg news agency suggests the franc is higher this year against 16 major currencies

Earlier this year, Switzerland’s Federation of Small and Medium Businesses described the franc’s appreciation as a “crisis”.

The Swiss Government has previously taken steps to bring down its currency: just last week, it cut interest rates, while it has previously intervened in the currency markets but with limited success.

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News posted: August 8, 2011

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