ZURICH, Aug 5 Reuters The Swiss franc rose to its highest level against the euro in nearly a decade on Monday as heavy losses in stock markets, concerns over U.S. and global growth and tensions in the Middle East drew investors to the safehaven currency.

The franc has risen some 3.5 against the euro since the U.S. Federal Reserve held interest rates last week.

Early on Monday the franc rose as high as 1.0856 euros, its highest since January 2015, when the Swiss National Bank scrapped a cap it had against the euro.

A spokesperson for the SNB declined to comment on the franc39;s strength or on whether the central bank could intervene in the market to stem the currency39;s appreciation.

The SNB has cut interest rates twice this year amid concerns among Swiss manufacturers that the strength of the currency was putting pressure on their key export business.

Reporting by Paul Arnold Editing by Dave Graham

Source Reuters