Euro hits 13-month high versus Swiss franc

LONDON: The euro rose to a 13-month high against the Swiss franc on Tuesday as concerns about the euro zone debt crisis receded, prompting investors who had bought the Swiss currency as a safe haven to cut their positions.

The euro rose around 0.4 percent on the day to 1.23865 francs on trading platform EBS, its highest level since mid-December 2011.

Several major banks have revised their euro/Swiss forecasts higher in recent days, with one US investment bank targeting 1.30 francs.