The Swiss franc rose against the dollar during Friday trading, as investors turned to safe-haven currencies amid the impact of geopolitical tensions in the Middle East.
The Swiss currency increased slightly against its U.S. counterpart by 0.15% to 0.8114 francs as of 11:17 a.m. Mecca time, trimming earlier gains after rising by 0.5% earlier.
Kathleen Brooks, an analyst at XTB, said in a note that geopolitical tensions between Iran and Israel are likely to dominate market movements at the end of the week.
She noted that any further escalation could drive investors toward safe-haven assets such as the franc and gold, in addition to basic commodities, according to Dow Jones.
Investors are closely watching Tehran’s potential response after Israel launched airstrikes targeting Iranian nuclear facilities earlier today.
The euro fell by 0.2% to 0.9368 Swiss francs, after hitting a three-week low of 0.9305 francs earlier
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