Highlanddad, just read that the Swiss were responsible for the Euro rise.
The euros gains today can be partly attributed to the Swiss National Banks sales of the franc, and they probably wont last as European leaders struggle to come up with a common stance on the currency, BNP Paribas SA said. The euro rallied 1.9 percent against the franc.
Effectively Intervening
The Swiss National Bank has been effectively intervening and that caused a general advance of the euro, but if you ask if this is going to last, no, Hans-Guenter Redeker, London-based head of currency strategy at BNP Paribas, said in an interview. Theyll find it difficult to speak with one voice. If at all, the action will be short-lived and I dont think the euro can stabilize at these levels.
