Swiss franc climbs against euro

The currency exchange markets have seen the Swiss franc rise hastily against the euro.

As Greece continues to experience fiscal problems the euro has been dragged down against other European currencies.

It is thought that this poor performance by the single currency is what has pushed up the Swiss franc so rapidly.

Ulrich Leuchtmann, from Commerzbank, said: "For as long as the Greece crisis puts pressure on the euro, the franc is likely to be under appreciation pressure."

He also commented on speculation that the Swiss National Bank (SNB) has intervened in the currency's rise in order to prevent deflation, noting that it was the speed at which the currency rose rather than its actual level which prompted the SNB to consider action.

At midday today (February 3rd) one euro bought 1.474 Swiss francs.

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Posted by Sarah Pitton