Before the crisis broke in 2007, one euro bought over 1.60 Swiss francs. Now it buys only 1.20. The Swiss franc is a classic safe haven, while the Swiss economy's sound fiscal fundamentals and relative resilience it is expected to grow by over 2% this year have given the currency an additional fillip. Other typical safe havens such as the yen and the dollar have not been deemed as safe as usual, owing to the earthquake damaging Japanese growth and concern over US borrowing.
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