- Euro falls sharply in the market, EUR/USD below 1.1000.
- Crisis in Ukraine continues to generate fears in markets favoring the Swiss franc.
- EUR/CHF is close to parity for the first time since the month the SNB left the bottom.
The EUR/CHF is falling sharply for the second day in a row and is trading 350 pips below its level a week ago. The pullback took the cross to its lowest in years and to approach the parity level.
At time of writing, EUR/CHF is trading at 1.0047, the lowest intraday level since January 2015. In said month, the Swiss National Bank had announced the end of the 1.20 floor at the cross, triggering a strong appreciation of the franc.
The Swiss currency is favored against the euro by the context of risk aversion surrounding the worsening of the crisis in Ukraine. In the last hour, in turn, the break of the EUR/USD below 1.1000 further weakened the euro, which on Friday is one of the worst performing currencies.
The euro is also trading at its lowest in years against the pound. EUR/GBP hit lows since 2016, the year of the Brexit referendum below 0.8240.
Among those that fall the most on Friday is the Russian ruble. USD/RUB is up over 6% and trading at 116.25.
Source: Fx Street
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