The franc is soaring on the currency markets and it’s now at its highest against the Euro.
Currently a Euro costs just under a franc. When the single currency was introduced in 2002 it stood at 1.6 and for years the Swiss National Bank held it at 1.2.
The franc has been on an upward march ever since the central bank raised interest rates by half a percent to minus 0.25%.
But analysts also point out that the euro is under pressure due to an energy crisis which is set to hit the continent and what’s seen as a hesitant European Central Bank in its fight against inflation. The euro is at its lowest against the US dollar for 20 years.
It’s widely expected on the markets that the Swiss National Bank will have a limit before it intervenes, but that rate is a closely guarded secret, although it’s thought it could be at 0.95 against the euro.
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