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EUR/CHF hits lowest level in 22 months

FXStreet (Córdoba) - EUR/CHF extended losses and fell to levels not seen since November 2012, as the European Central Bank announces an asset purchase program after cutting interest rates.

EUR/CHF is moving dangerously toward the Swiss National Bank floor of 1.2000, with a low of 1.2043 so far as the ECB continues to provide monetary stimulus to underpin Eurozone growth and fight deflation. At time of writing, EUR/CHF is trading at 1.2055, down 0.1% on the day.

In a press conference, Draghi announced the ECB will start purchasing non-governmental securities and also asset-backed securities (ABS). He said the details of the program will be released after Oct 2.

The ECB also downgraded 2014 and 2015 GDP forecasts and expects inflation to increase gradually in 2015 and 2016.

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