(Bloomberg) — The Swiss franc rose to the highest level against the euro in more than six years Monday, as concern over a possible military confrontation in Ukraine boosted demand for the haven currency.
The franc climbed as much as 0.2% to 1.0324 per euro, a level last seen in June 2015. It is poised for a 10th day of gains, the longest streak on record.
The advance comes after the U.S. ordered family members to withdraw from the Kyiv embassy due to the “threat of Russian military action.” European Union foreign ministers will discuss Ukraine with U.S. Secretary of State Antony Blinken later Monday.
The prospect of military conflict is adding adding to concern over Federal Reserve’s hawkish shift, which prompted a sell-off in tech stocks this year. The Fed on Wednesday is expected to signal a March hike in interest rates and balance-sheet reduction later this year to help fight inflation.
The Swiss currency is “likely to remain supported in the near term,” analysts at Barclays Plc wrote in a report on Jan. 23.
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