(Bloomberg) -- The Swiss franc had its biggest
weekly gain against the euro in more than four months as a slump
in global stocks prompted traders to pay back loans in
Switzerland used to buy higher-yielding assets elsewhere.
The franc advanced against the Australian and New Zealand
dollars as investors unwound so-called carry trades that take
advantage of borrowing costs in Switzerland, which are the
second lowest among major economies. New Zealand's key interest
rate is 5.75 percentage points higher than the Swiss benchmark.
Read more at Bloomberg Currencies News
weekly gain against the euro in more than four months as a slump
in global stocks prompted traders to pay back loans in
Switzerland used to buy higher-yielding assets elsewhere.
The franc advanced against the Australian and New Zealand
dollars as investors unwound so-called carry trades that take
advantage of borrowing costs in Switzerland, which are the
second lowest among major economies. New Zealand's key interest
rate is 5.75 percentage points higher than the Swiss benchmark.
Read more at Bloomberg Currencies News
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