Franc Strengthens Against Major Counterparts on Greek Debt-Crisis Concern

The Swiss franc climbed against all of its 16 most-traded peers, reaching a record versus the euro, on concern Greece’s debt crisis threatens the region’s economic recovery as European leaders struggle to resolve it.

The euro erased losses against the dollar as stocks rallied. The pound advanced after the U.K.’s gross domestic product rose in the first quarter. The franc climbed versus Europe’s shared currency for a fourth day, the longest winning streak in a month.

“There are still so many questions out there about Greece; you have half the world who says it needs to restructure, the other half saying don’t do it,” said Greg Salvaggio, senior vice president of capital markets at the currency-trading firm Tempus Consulting Inc in Washington.

The franc strengthened 1 percent to 1.2283 per euro at 1:47 p.m. in New York after reaching a record 1.2272, and it gained 0.9 percent to 87.21 centimes per dollar. The dollar was little changed at $1.4090 per euro. It appreciated to $1.3970 on May 23, the strongest level since March 17. The greenback was unchanged at 81.95 yen.

The Standard & Poor’s 500 Index rose 0.3 percent after earlier falling 0.3 percent.

“Equities have turned positive, and the euro is benefiting from it,” said Brian Taylor, chief currency trader at Manufacturers & Traders Trust in Buffalo, New York. “The equity market is moving up a little bit despite the numbers that came out with durable goods.”

U.S. durable goods orders decreased 3.6 percent following a 4.1 percent jump in March, dropping the most in six months, Commerce Department data showed today.