An exchange traded fund pegged to the Swiss franc’s movements against the U.S. dollar rallied 6% on Tuesday after the Federal Reserve pledged to keep interest rates “exceptionally low” at least through mid-2013.

CurrencyShares Swiss Franc Trust (NYSEArca: FXF) was up 6.1% in afternoon trading following the Fed statement. There were three Fed dissenters on the decision. [Yen, Swiss Franc ETFs Rally After S&P Downgrade]

A flight to the Swiss franc shows investors remain worried about weakness in global debt markets. ETFs tracking gold, another safe haven, traded higher on Tuesday as well. [Gold, Silver ETFs Diverge Before Fed]

“The stock market is rallying but really nothing’s changed,” said Andrew Wilkinson, senior market analyst at Interactive Brokers, in a Dow Jones Newswires report. “In the background the risks to the global economy haven’t changed, which is why you see the Swiss franc so bid.”

The Swiss franc ETF set a new all-time high on Tuesday as was up 23.4% year to date heading into the session, according to Morningstar.

CurrencyShares Swiss Franc Trust

Read the disclaimer; Tom Lydon is a board member of Rydex|SGI.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.

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