Thursday, March 15, 2012

SNB Meeting Puts Swiss Franc in Focus

The Swiss Franc is in Focus this morning as the Swiss National Bank is holding their monthly Interest Rate Meeting with their decisions to be announced at 8:30 GMT. For Forex traders, the main topic is whether the SNB will raise its floor of the EURCHF to 1.25 from 1.20.  Current consensus is that the central bank will refrain from any changes as improvements in the region’s economy have put less pressure on the Swiss export sector.    Currently, the EURCHF is trading at 1.2120 after hitting a high of 1.2140 this morning.  Overall, the pair has been shown strength this week as it has rallied from a week low of 1.2040.

More on the Swiss franc’s trading as we head into today’s meeting from RTTnews

The Swiss franc showed mixed trading against other major currencies ahead of the London session on Thursday as investors await the Swiss National Bank's interest rate decision.
The SNB is widely expected to retain its interest rate at zero and maintain the ceiling of franc at 1.20 per euro.
The franc that closed Wednesday's European session at 89.80 against the yen rose to a 17-day high of 90.42 in Asian deals. If the franc-yen pair gains further, it may likely target the 91.3 level.
Against the dollar, the franc reversed its direction after hitting a fresh 7-week low of 0.9337 in early Asian deals. At present, the dollar-franc pair is trading near Wednesday's European session close of 0.9323.
But the franc moved sideways against the euro and pound. As of now, the franc is worth 1.2136 against the euro and 1.4580 against the pound, compared to yesterday's European session close of 1.2147 and 1.4617, respectively. Read More

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