Franc Slides on Bernanke, Concern Banks Will Charge for Deposits
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The Swiss franc slid against all its major counterparts after Federal Reserve chairman Ben S. Bernanke stopped short of signaling further stimulus, suggesting the world economy isn’t as weak as some analysts had suggested.
The currency also extended a third weekly loss against the euro on speculation Swiss policy makers will introduce new measures to cap its gains, and local banks may start charging customers for franc deposits. Bernanke said the Fed has tools to deal with the economic slowdown but didn’t announce another round of so-called quantitative easing.