Monexnews-Euro move strengthened Monday after an EU source said that the President of Cyprus and the European Union have agreed on a treaty that will subsume the "good bank" and a "bad bank" in Cyprus.
The Euro rose as much as 0.3% today to $ 1.3027, compared to $ 1.2985 in before the news emerged. Against the Yen, the Euro climbed 0.4% today to 123.57 Yen.
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Monexnews-the Government of Switzerland has asked banking to set aside additional capital in order to dampen the activity of channeling subprime mortgages. This is an attempt by the Government to prevent the booming property sector became uncontrolled until finally the bubble again. The price of the property and the distribution of housing loans have increased significantly in recent years as the central bank enact monetary policy loose.
Switzerland National Bank has also asked the Government to take action and point out anxiety over overheating housing prices. "The risk of overheating continue to increase in the second semester of 2012 to be able to become a risk for the stability of the banking sector and also Switzerland's economy," the SNB's statement. Meanwhile, Switzerland franc has not changed much in the New York session. USD/CHF is now traded 0.9168, near daily opening levels 0.9169 (fr)
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