Euro extends gains to hit 8-month high versus Swiss franc

LONDON: The euro rallied to a eight-month high against the Swiss franc on Friday on speculation the Swiss National Bank may soon raise the floor from the current 1.20 francs.

Improved confidence in the euro after European Central Bank President Mario Draghi put in place a plan to lower borrowing costs for struggling peripheral countries like Spain and Italy, prompting investors to cut short euro positions.

The euro rose to a high of 1.21524 francs on trading platform EBS, up 0.8 percent on the day, and its highest level since early January.