The Swiss franc, the safe haven currency par excellence, is breaking record after record. This morning, the currency of the Swiss country set a record against our currency, reaching 1,2345 euro/franc. The renewed fears about the restructuring of the Greek debt weigh heavily, even more so after the scandal of the now former president of the International Monetary Fund Dominque Strauss-Khan and his consequent resignation. There is still uncertainty about how the Greek country's crisis will be resolved, whether with an intervention by the member states for an integral rescue or through a softer restructuring, deferred over time. Around 10 am the euro recovered slightly to 1,237 euros per franc.
This uncertainty also weighs on the euro-dollar exchange rate, currently at 1,4031, down significantly from 1,425 on Friday and at its lowest level since last March 29th. The complex situation in Europe pushes investors towards safer havens such as US government bonds and gold.
The single currency also recorded a decline against the yen, being traded at 114,3 euro/yen.
