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The franc declined to a two-week low against the euro on speculation the Swiss National Bank will further limit the strength of its currency. Switzerland’s franc fell versus all major peers after SNB President Philipp Hildebrand said the central bank expects it to weaken further, adding to bets the bank will adjust the cap of 1.20 francs per euro set on Sept. 6. Losses in the 17-nation currency were limited after Greek Prime Minister George Papandreou agreed to step down to allow the creation of a national unity government.
Greek Prime Minister George Papandreou agreed to step down to allow the creation of a national unity government intended to secure international financing and avert a collapse of the country’s economy. Papandreou met with Antonis Samaras, leader of the main opposition party, and agreed to form a government to lead Greece “to elections immediately after the implementation of European Council decisions on October 26,” according to an e-mailed statement yesterday from the office of President Karolos Papoulias in Athens. Papandreou already stated he won’t lead the new government, the statement said.
EUR/USD: on Asian session the pair fell.
GBP/USD: on Asian session the pair decreased.
USD/JPY: on Asian session the pair holds in range Y78.05-Y78.20.
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