From the Lex column at Financial Times – Euro: franc view of a troubled currency:
For a truer picture of the euro, look at its relationship to the Swiss franc, the traditional “haven” currency. In recent weeks the euro has touched all-time lows against it, in a clear indication of worries about the viability of the currency.
Then look at gold. In euro terms, it has surged to an all-time high. This betokens some concern about the risks of inflation in the eurozone, of course, but also suggests concern about the future of the single currency.
The euro could fall much further still if the prospect of Greece, for instance, leaving the eurozone were suddenly to become more tangible. But it is a mistake to suggest that such concerns have not affected the currency itself already. They plainly have done.