The Swiss National Bank has repeated its pledge to intervene on the currency markets if needed after the Swizz franc briefly rose above parity with the euro, as investors sought safe-haven assets. Reuters has the details: “The Swiss franc is currently sought after as a refuge currency, along with the US dollar and the yen,” the central bank said in a statement. “The Swiss franc continues to be highly valued,” it added.
“The SNB remains prepared to intervene in the foreign exchange market if necessary.” The euro/franc exchange rate fell to 0.9910 in Asia overnight, as investors sought refuge in the currency due to the conflict in Ukraine. The valuation is the highest level for the franc since January 2015 when the Swiss central bank scrapped its peg to the euro. The SNB said the increased valuation also recognised the inflation differentials between Switzerland and other countries.