jeu, 19 oct. 2023
The Swiss franc is once again being sought as a safe haven as the situation in the Middle East worsens, and has gained significantly in value. The euro hit a new all-time low against the franc at 0.9449 on Wednesday afternoon, falling below the previous low set last Friday.
While the US dollar, the world’s reserve currency, was also in stronger demand and gained against most currencies, it also weakened somewhat against the franc on Wednesday. The US currency slipped below the 90 centime mark already in the morning and was trading at 0.8980 francs in the early evening.
Meanwhile, stock markets around the world were on the decline. The leading index of the Swiss stock exchange SMI dipped by 1.3 per cent. Germany’s DAX slipped 1 per cent, while the London Stock Exchange lost 1.2 per cent. The US stock markets were also in the red.
As is so often the case in uncertain times, gold also gained in value. In the afternoon, one troy ounce (about 31.1 grammes) cost up to 1962 US dollars on the London Stock Exchange. That was about 39 dollars more than the previous day. The last time the gold price was higher was at the beginning of August.
There is great uncertainty in the financial markets because of the situation in the Middle East. After a rocket hit a hospital in the Gaza Strip, diplomatic efforts to contain the conflict threaten to fail. A meeting planned for (today) Wednesday between US President Joe Biden and Jordan’s King Abdullah II, which was also to be attended by Egypt’s head of state Abdel Fattah al-Sisi, was cancelled.
©Keystone/SDA
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