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EUR/CHF Rebounds to 1.0440 on SNB Intervention


EURCHF.6.29 resized 600

The EUR/CHF rate recovers from the 1.0300 level and rallied to 1.0440 ( 140 pips) after the rate had fallen sharply to the 1.0325 at the Asian open from Friday's close of 1.0420.

The debt problems in Greece escalated when the talks failed once again in the prior Saturday meeting in Brussels and the Greek goverment announced a national referendum on July 5 on the bailout terms imposed by the EU creditors.

The Swiss National Bank President Jordan Thomas said that the central bank had intervened to weaken the swiss franc to stem the onslaught of swiss haven buying.

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