• 
• See all for FXstreet.com
• View Print Version

FXstreet.com (Barcelona) - EUR/CHF has experienced a meteoric rise this morning having reached a high since March this year.

Having traded around the 1.2 peg for the majority of 2012, the pair has moved over a point this morning to trade at 1.2141. Initially rising to around 1.2040 yesterday, todays move higher has caused speculation as to what may be the underlying driver. Whilst the SNB has declined to comment on the spike, unconfirmed speculation has spread that the bank is looking to move the pegged rate higher, perhaps to 1.22 in a bid to try and stimulate the Swiss economy. With the peg being extremely effective for such an extended period, the move higher looks to have been aided by the triggering of accumulated stops on the way up. With Non-Farm Payrolls on the near horizon, it will interesting to follow how this pair develops as a break of 1.2140 and 1.2166 leaves price exposed to the rumored 1.22 level above.

European Equities remain elevated alongside US futures whilst commodities remain mixed and Spanish and Italian yields remain sharply lower.

Related Forex and Currencies Articles

• 
  U.S stocks rise for fourth week on sentiment data; Dow gains 0.80%
  5/17/2013 01:27 PM
• 
  Forex - Dollar gains on sentiment data, Fed comments
  5/17/2013 12:27 PM
• 
  Forex - USD/CAD gains on soft Canadian inflation data
  5/17/2013 11:26 AM