The euro is nearing parity with the Swiss franc as concerns about European government debt squeeze the 17-nation currency on the foreign exchange markets, according to AP. The euro dipped to a new record low of 1.0479 francs Tuesday, a drop of almost a quarter year-on-year. The U.S. dollar also fell to a fresh low of 0.7362 francs as investors sought a safe haven for their assets. The Swiss government has said the franc is overvalued and measures should be taken to prevent it from harming Switzerland's export industry. But an interest rate decrease by the Swiss National Bank last week has failed to dampen enthusiasm for the franc.
