Swiss Franc Soars To One-month Highs Vs Dollar After Korea Missile Launch
Aug, 29th 08:34
Swiss Franc gained versus all major developed peers on Tuesday, especially surging to a one-month high against the U.S. dollar after North Korea fired a missile over Japan. The act reignited tensions after a war of words between Pyongyang and Washington earlier this month.
The Franc had jumped nearly 0.9 percent to as high as 0.94647 per dollar – the highest level since July 25th after North Korea was reported to fire an unidentified ballistic missile passing over northern Japan.
Earlier this month, Pyongyang had threatened to fire a missile over Japan toward the U.S. territory of Guam in a respond to U.S. President Donald Trump’s warnings that any threat North Korea presented to the United States would be met with “fire and fury.
Escalating geopolitical tensions sapped investors’ appetite for risky investments. European shares tumbled on Tuesday, causing investors to pile into safe-havens assets such as the Swiss Franc.
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