The Swiss franc climbed to its highest ever against the euro today, trading at around 1.415 to the euro, according to dpa. It was lowest rate for the joint currency since its launch eight years ago. Helping the franc were strong results from key Swiss economic indicators - the last piece of positive data coming from manufacturers. The franc was also being seen as a safe haven. Meanwhile, the euro has undergone recent declines owing to troubles on the periphery of the joint currency zone, including Greece's debt woes. Thomas Flury, a currency analyst at UBS in Zurich, said the franc's appreciation was, at least in part, "an independent move," while there was no indication the central bank was about to act. The Swiss National Bank has been reluctant to intervene in markets of late, saying it would only prevent an "excessive" appreciation of the franc. Previously, the central bank had acted on several occasions, traders believe, to prevent exports from being too expensive and putting deflationary pressure on prices of imported goods. A declining dollar against franc, however, was also said to be making matters more complicated this week. Analysts now expect Switzerland to raise its now near-zero interest rates before the European Central Bank takes a similar step. A strong franc would allow the bank more room to tighten monetary policy.
