Investing.com – The U.S. dollar was almost unchanged against the Swiss franc on Thursday, after the Swiss National Bank held its interest rates close to zero in order to stem the currency’s rapid appreciation.
USD/CHF hit 0.9723 during European morning trade, the daily high; the pair subsequently consolidated at 0.9683, gaining 0.02%.
The pair was likely to find support at 0.9574, Wednesday’s low and resistance at 0.9851, Monday’s high.
Earlier in the day, the SNB left the three-month Libor target rate at 0.25%, in line with expectations.
“The SNB expects economic growth to continue,” SNB President Philipp Hildebrand said. “However, it is likely to be significantly lower in the quarters ahead, a development attributable to both the generally subdued economic activity in the industrialized countries and the appreciation of the Swiss franc.”
The central bank left its growth forecasts unchanged from September and expects the economy to expand about 2.5% this year and 1.5% in 2011.
The Swissy was also down against the euro, with EUR/CHF rising 0.14% to hit 1.2809.
Later Thursday, the U.S. was to publish a key weekly report on initial jobless claims, as well as data on building permits, housing starts and manufacturing activity in Philadelphia.
USD/CHF hit 0.9723 during European morning trade, the daily high; the pair subsequently consolidated at 0.9683, gaining 0.02%.
The pair was likely to find support at 0.9574, Wednesday’s low and resistance at 0.9851, Monday’s high.
Earlier in the day, the SNB left the three-month Libor target rate at 0.25%, in line with expectations.
“The SNB expects economic growth to continue,” SNB President Philipp Hildebrand said. “However, it is likely to be significantly lower in the quarters ahead, a development attributable to both the generally subdued economic activity in the industrialized countries and the appreciation of the Swiss franc.”
The central bank left its growth forecasts unchanged from September and expects the economy to expand about 2.5% this year and 1.5% in 2011.
The Swissy was also down against the euro, with EUR/CHF rising 0.14% to hit 1.2809.
Later Thursday, the U.S. was to publish a key weekly report on initial jobless claims, as well as data on building permits, housing starts and manufacturing activity in Philadelphia.