Human Error Blamed for Sudden Swiss Franc Drop

The Swiss franc temporarily fell sharply against the euro Wednesday in what traders said was a move sparked by a "fat finger" human error.

The euro jumped hit a session high of 1.21360 against the Swiss franc , according to data from EBS, before the single currency gave back its gains.

"So far markets think its a fat finger … not hearing otherwise … and the speed that it came down kind of eliminates official intervention" by the Swiss central bank, one analyst told CNBC.

A currency trader at UBS agreed with the analyst's assessment.

The euro was also advancing against the dollar Wednesday after reports about a possible increase in the International Monetary Fund's lending capabilities and a comment from Fitch saying it does not expect Italy to default.

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