The Swiss franc has fallen sharply against the euro, hitting its lowest level since mid-January when the Swiss National Bank (SNB) stunned global markets by removing the cap against Europe’s single currency.
For the first time since then, the euro has broken above 1.1 against the franc.
The SNB’s shock move on January 15 caused havoc as the Swiss suddenly allowed their currency to climb, while the euro nosedived.
During the more recent market turbulence the expectation was that the franc would be supported.
Instead strategists believe the franc has remained weak because the Swiss have been moving their money out of the country and investing it elsewhere as poor deposit rates take a bite out of their savings.
The SNB is due to meet in the next few days to review monetary policy.