Swiss franc tumbles on profit booking

A wave of sell-off hammered the Swiss franc, which tumbled to its lowest in 20 months.

A result of currency traders moving quickly to capitalize on improved sentiment in Europe, the franc’s fall has led many to believe the Swiss National Bank could unload some of its large cache of foreign currency to book profit from the currency moves, says a report in the Financial Times.

The euro has continued to gain against the franc since the return of global risk appetite in the wake of the ECB’ improved outlook for the eurozone last week.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.