Investors are treating the Swiss franc as the purest safe haven on the market, brushing off the threat of central bank intervention as they seek out alternatives to the US dollar.
The franc has gained 2% against the euro and 3.5% against the dollar so far this year, reaching the strongest level in more than a decade against both currencies. That’s reinforcing the Swiss currency’s role as the refuge of choice for investors who are attracted by the country’s modest debt, stable economy and predictable policies.