Categories: Market

Over Middle East conflict: Euro falls to new record low against Swiss franc

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As the situation in the Middle East worsened, the Swiss franc began to be sought as a safe haven once again and gained significant value. The euro hit an all-time low against the franc at 0.9449 on Wednesday afternoon. (symbol image)

This means it is below the lowest level seen since last Friday. The US dollar also fell slightly against the franc on Wednesday, as it gained more demand as the world reserve currency and rose against most currencies. The US currency fell below 90 centims in the morning and traded at 0.8980 francs in the evening.

Meanwhile, there was a decline in world stock markets. The leading index on the Swiss stock exchange, the SMI, fell 1.3 percent. The German DAX fell 1 percent, while the London Stock Exchange lost 1.2 percent. US stock markets were also in the red.

As is often the case in uncertain times, the value of gold has increased. By mid-afternoon one ounce (about 31.1 grams) was worth as much as US$1,962 on the London Stock Exchange. This was about $39 more than the previous day. The gold price last increased at the beginning of August.

There is great uncertainty in financial markets due to the situation in the Middle East. Diplomatic efforts to contain the conflict are in danger of failing after a rocket hit a hospital in the Gaza Strip. US President Joe Biden and King Jordan II. The meeting planned to be held on Wednesday (today) between Abdullah and Egyptian President Abdel Fattah El Sisi was cancelled. (SDA)

Source :Blick

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