Rate Cuts of ECB, Switzerland Push Franc Higher

Twin rate cuts by the European Central Bank and the Swiss central bank left the Swiss franc higher against the euro, a gain achieved, however, only with a struggle. The euro hit an intraday high of 1.6019 Swiss francs following the ECB's decision to cut its main refinancing rate to 2.5% from 3%...

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Bibliographic Details
Published inWall Street journal. Europe
Main Author By Kim Frick and Dennis Baker
Format Newspaper Article
LanguageEnglish
Published Brussels Dow Jones & Company Inc 09.04.1999
EditionEurope
Subjects
Central banks
Discount rates
National banks
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Summary:Twin rate cuts by the European Central Bank and the Swiss central bank left the Swiss franc higher against the euro, a gain achieved, however, only with a struggle. The euro hit an intraday high of 1.6019 Swiss francs following the ECB's decision to cut its main refinancing rate to 2.5% from 3%. Before the rate decision at 5:08 p.m. local time, the euro was trading at 1.5952 Swiss francs and rose to 1.5958 Swiss francs shortly after the announcement before hitting the high of 1.6019 Swiss francs.
ISSN:0921-9986