Forex Alert: EUR/CHF Down on Greece Concerns

on Nov 13, 2012
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On November 13, the EUR/CHF pair lost ground, with the single currency declining against both the Swiss franc and the US dollar. As reported by Bloomberg, European finance ministers were struggling to agree on providing additional aid for Greece, which in turn sent the single currency down.

**EUR/CHF Down**
According to FXStreet data, the EUR/CHF pair was 0.08 percent down as of 14:00 GMT, with the trend index strongly bearish. Bloomberg reports that the Swiss franc was little changed at 1.2046 per euro, after climbing to 1.2043 earlier, its strongest level since September 12.
Among the factors weighing on the single currency are the usual Greece-related concerns, with the main issue today being the decision of the Eurozone ministers to reconvene in another meeting next week to discuss additional funding for Greece. “Investors are nervous, which underpins the market strategy of selling euro on the rallies, sending it down to multi-month lows,” notes Valentin Marinov, Head of European G10 FX Strategy at Citigroup (NYSE:C), as quoted by Bloomberg. Mr Marinov also pointed out that while the European ministers’ decision was broadly expected, there was no clarity as to “how they will fund the additional needs.”
The never-ending Greek woes on the other hand are benefitting currencies such as the Swiss franc and the US dollar on account of their haven appeal for investors.

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