Swiss franc for the first time this year proved to be more expensive than the U.S. dollar

On Tuesday, a result of aggressive buying up the franc for the first time this year fell below parity to the dollar, writes the newspaper Kommersant. The global foreign exchange market for 1 dollar gave 0.9957 francs, that on 1,2% above the closing Monday. This high rate of the franc did not rise from December 4, 2009.

Earlier franc for a long time exceeded the dollar only twice - in March 2008 and in November-December 2009. At this time the maximum rate of the franc was recorded in March 2008 - 0.9674 francs to 1 dollar. Regarding the euro, the franc rose by 0,84%, to 1,287 francs to 1 euro.

The current strengthening of the franc began in mid-June, immediately after the Bank of Switzerland stopped conducting interventions in the foreign exchange market against your own currency, the newspaper reminds. "More than a year the Central Bank of Switzerland participated in the tender for the currency market, limiting the growth of the national currency", - said the head of conversion operations in international markets Promsvyazbank Andrew Skabelin. In March 2009 the Supervisory Board of the Bank of Switzerland, concerned about economic growth prospects of the country, has decided to limit the strengthening of its currency, as it negatively affects the export. But by the summer of 2010 the need for interventions weakened by itself, as the dollar approached a mark of 1.18 francs.

"Investors have traditionally bought francs in turbulent times, especially now that the Swiss economy is steady, stable and has a permanent trade surplus and current account", - said partner UFG Wealth Management Oksana Kuchuriv. According to the official statistical office of Switzerland, the country's GDP in the second quarter increased by 0,9% in annual terms amounted to 3,4%. Budget surplus for this year is expected to reach 1% of GDP, trade balance - 9,5% of GDP. This weak data on U.S. economy make you think about the prospects of its recovery. On Monday, analysts Bank of America - Merrill Lynch lowered the growth forecast for U.S. GDP in 2010 to 0,1 percentage points to 2.6% in 2011 to 0,5 PP to 1,8%.

According to the forecast, professor of economics at New York University, Nouriel Roubini, made them in early September, the agency Bloomberg, «if the global economy from slipping back into recession, with increasing risk aversion," the U.S. dollar, franc and yen have greater growth potential than gold.