Swiss franc falls on talk of SNB euro target

The Swiss franc has fallen sharply following reports that the Swiss National Bank is planning to set a temporary target range for the currency's exchange rate with the euro.

The Swiss franc has fallen sharply following reports that the Swiss National Bank is planning to set a temporary target range for the currency's exchange rate with the euro.

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The franc hit all-time highs against the euro and the dollar last week as investors sought out safe assets amid market turmoil and fears about government debt.

The Swiss currency opened 2.9 % lower against the euro Monday.

The euro was worth 1.1408 francs by mid-morning in Zurich, up from a record low of 1.007 francs last Tuesday.

Meanwhile, the dollar was up 2.5 % at 0.7976 francs.

The Swiss media reported at the weekend that the SNB is planning further measures to weaken the overvalued franc.