Geneva, Mar. 16, (dpa-AFX/GNA) – The Swiss franc Weakened against other major currencies in the Asian session on Thursday, as concerns about the debt woes of Swiss lender Credit Suisse triggered massive sell off in the currency.
Credit Suisse shares fell nearly 25% in the Swiss market after Saudi National Bank, the bank’s largest investor, reportedly said it would not provide any more funding to the Swiss lender.
Reuters quotes Saudi National Bank’s chairman Ammar Al Khudairy as saying that Saudi National Bank cannot provide the Swiss bank with more financial assistance, as “We cannot because we would go above 10%. It’s a regulatory issue.”
Wednesday, the Swiss franc was retreating from early highs against its major counterparts.
In the Asian session today, the Swiss franc fell to more than a 1-month low of 142.44 against the yen and a 10-day low of 1.1257 against the pound, from yesterday’s closing quotes of 142.82 and 1.1240, respectively.
If the franc extends its downtrend, it is likely to find support around 141.00 against the yen and 1.13 against the pound.
Against the euro and the US dollar, the franc dropped to one-week lows of 0.9881 and 0.9340 from yesterday’s closing quotes of 0.9868 and 0.9327, respectively.
The franc may find support around 0.99 against the euro and 0.95 against the greenback.
GNA