Foreign exchange – Swiss franc eases on SNB intervention to stem positive aspects

© Reuters.  Swiss franc eases against euro on SNB intervention to stem gains© Reuters. Swiss franc eases against euro on SNB intervention to stem gains

Investing.com – The Swiss franc retreated from almost one-year highs against the euro on Friday after the Swiss National Bank confirmed it was intervening in the foreign exchange market to weaken the currency.

was last down 0.6% at 1.0842, after falling to lows of 1.0623 overnight, the weakest level since July 2015 after in a historic referendum.

The traditional safe haven franc, which tends to be sought out by investors in times of financial market turmoil, rallied as .

The U.K. voted by a substantial margin to exit the EU, with the Leave side winning 52% of the vote, against 48% to remain.

Scotland, Northern Ireland and London voted overwhelmingly for remain, but Wales and the U.K. outside London strongly backed Brexit.

The referendum turnout was 72%, with more than 30 million people voting.

British Prime Minister David Cameron announced Friday after the referendum result.

Cameron had said he would stay in his job no matter the result of the referendum, but his position became untenable after spending months campaigning for a vote to remain in the EU.

He said he would attempt to “steady the ship” over the coming weeks and months.

The dollar also came off highs against the franc, with last at 0.9725, after rising to three-week highs of 0.9801 earlier.

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