Swiss franc cedes ground as SNB confirms FX intervention

LONDON: The Swiss franc retreated on Friday from its highest level since last August against the euro, after the Swiss National Bank confirmed it was intervening in the currency market to stem its rise.

The franc, treated as a safe-haven currency during times of financial market turmoil, had risen after Britain voted to leave the European Union in a historic decision earlier in the day.

The euro recovered to trade 0.6 percent lower on the day at 1.0846 francs, having hit a low of 1.0623 francs early in the London session.