Swiss Franc Gains on Slovak Stand

October 12 00:00 2011

LONDON, October 12 ( – The Swiss Franc rose against all 16 of its peers but most against the dollar and the yen due to news that Slovakia’s parliament is positive towards EFSF.

Franc gained 2.6 percent to 90.31 centimes per dollar at 4:28 p.m. London time, which is the biggest one-day gain since 9 August. It strengthened 0.5 percent to 1.2344 per euro. Slovakia is the only Eurozone country yet to approve the bailout fund for Europe’s debt crisis. Fortunately, a re-vote that is expected later this week may succeed this time as opposition party is ready to support the measure.

A currency strategist at UBS AG in Zurich, Derks and Beat Siegenthaler said, “Gains in the franc will probably be limited because of the central bank’s cap”.

Commerzbank’s You-Na Park said, “The decision of Slovak parliament didn’t have any big impact on the euro.”