The Swiss franc hit its strongest against the euro in almost three years on Tues...
LONDON/ZURICH - The Swiss franc hit its strongest against the euro in almost three years on Tuesday after the United States added Switzerland to its watchlist of currency manipulators.
The U.S. Treasury Department said in a semi-annual report on Monday it had added Switzerland to a list of countries where it had concerns about currency practices, accusing authorities of “markedly” increasing foreign exchange purchases since mid-2019. The finance ministry on Tuesday rejected the U.S. allegations and said it was not steering the franc for competitive gain.
“If the SNB doesn’t combat the trend, then the Swissie has to appreciate,” she added, citing the country’s enormous current account surplus. Some analysts said Switzerland’s inclusion on the watchlist had been expected. Instead they cited general safe-haven flows as driving franc strength., were down on Tuesday.
The SNB has always stressed its policy objective is ensuring price stability while taking due account of economic developments.
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