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

safe-haven 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

franc's strength or on whether the central bank could intervene

in the market to stem the currency'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.