Euro rises versus most major currencies

Tuesday, 6 September 2011 02:10

The 17-nation currency rises against major counterparts due to the Swiss National Bank's announcement that the Swiss Franc must weaken.

After SNB announced the target on EURCHF fx level, the euro was found jumping sky high against the U.S Dollar and Sterling.

EURUSD was trading at week lows around 1.4030; steadily and slowly rising to 1.4108.  From 1.4108, after the SNB report, the pair took an upwards shot to instant highs of 1.4247 in the matter of less than 10 minutes.  The pair then steadily recovered to its prior trading, currently seen around 1.4175.

Euro/Sterling also saw a raise after SNB/CHF news; the British Pounds weakened as the pair rose from 0.8790 to 0.8819.