- The Swiss franc had a poor start to the week as it continued to weaken. This led to it reaching two-week lows against the euro and the US dollar amid speculation that the Swiss National Bank (SNB) was unofficially targeting a fresh trading corridor for the Swiss currency against the euro. The euro has been freely floated against the Swiss franc since Switzerland’s central bank scrapped its three-and-a-half year old 1.20 euro cap. Monday saw the US dollar up over 1% and the euro up almost 1.5% as the franc looks set for a tough week.
- The Australian dollar fell dramatically first thing this morning as the Australian Reserve bank cut interest rates to 2.25%. This isn’t a major surprise as they have often highlighted the fact that they viewed the Australian dollar as overvalued
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