Switzerlands
franc weakened the most in 18 months versus the euro after the nations
central bank introduced negative interest rates to defend the currencys
cap.
The
shared currency fell for a second day against the dollar as the Swiss
National Bank decision boosted speculation the European Central Bank
will expand stimulus measures next year. A gauge of the dollar reached a
five-year high amid signals the Federal Reserves pledge to be œpatient
on interest rates means an increase next year. Colombias peso gained
for a third day to lead emerging-market peers higher. The pound gained
as volatility rose to a 15-month high.
Switzerlands
move was a œtelltale sign that the SNB is cautious because of the ECB,
said David Song, a New York-based currency analyst at FXCM Inc. œThe
SNB is going to follow along with the ECB in terms of the easing cycle.
The
franc depreciated 0.2 percent to 1.20388 per euro as of 3:56 p.m. New
York time after dropping as much as 0.7 percent to 1.20974, the weakest
level since Oct. 10. The intraday decline was the most since May 2013.
The
dollar appreciated 0.2 percent to 118.83 yen after surging 1.9 percent
yesterday, the biggest advance since Oct. 31. The U.S. currency
appreciated 0.5 percent to $1.2284 per euro and touched $1.2266, the
strongest since Dec. 8. The yen strengthened 0.3 percent to 145.98 per
euro.
Source : Bloomberg
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