The franc was little changed against the euro at 1.2040 francs per euro. The franc has been shadowing the euro's moves against other currencies since the Swiss National Bank imposed a cap on the franc at 1.20 per euro more than a year ago to stem deflation and ward off a recession. Hopes US lawmakers will strike a deal to avert $600 billion worth of tax hikes and spending cuts - or the "fiscal cliff" due to start in the new year - fuelled risk appetite, buoying stock markets and giving the euro a lift.
The franc was little changed against the euro at 1.2040 francs per euro. The franc has been shadowing the euro's moves against other currencies since the Swiss National Bank imposed a cap on the franc at 1.20 per euro more than a year ago to stem deflation and ward off a recession. Hopes US lawmakers will strike a deal to avert $600 billion worth of tax hikes and spending cuts - or the "fiscal cliff" due to start in the new year - fuelled risk appetite, buoying stock markets and giving the euro a lift.