Swiss franc rises after SNB warns of limits to negative rates

LONDON: The Swiss franc jumped to a one-month high against the euro on Tuesday after the head of its central bank warned it could not "endlessly" take further steps to ease monetary conditions.

Swiss National Bank Chairman Thomas Jordan said interest rates could not be lowered into negative territory without at some point leading people to shift their money out of bank accounts and into cash.

That was read as a signal the bank would hold off with any further cuts in official interest rates. It drove the franc, already boosted by cash seeking out the traditional security of Switzerland, almost 1 percent higher on the day to 1.0931 francs per euro.