🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Forex - USD/CHF off 2-year lows after SNB stands pat

Published 12/12/2013, 04:22 AM
Swiss franc turns lower after SNB holds rates
USD/CHF
-
EUR/CHF
-
Investing.com - The U.S. dollar edged up higher against the Swiss franc on Thursday, pulling back from two year lows after the Swiss National Bank left rates on hold at its final policy meeting of 2013.

USD/CHF rose to highs of 0.8848 during European morning trade, up from lows of 0.8839 on Wednesday, the weakest level since November 2011, and was last up 0.16% to 0.8877.

The pair was likely to find support at 0.8839 and resistance at 0.8907, Tuesday’s high.

The SNB said it was maintaining the minimum exchange rate on the franc at 1.20 per euro and its benchmark interest rate unchanged at zero, as widely expected. The Swiss franc is “still high” the bank said.

The SNB kept its forecast for economic growth unchanged, saying it expects growth of between of between 1.5% and 2% in 2013. For 2014, the SNB sees growth of around 2%.

“Given the vulnerable economic situation abroad, downside risks still prevail for Switzerland,” said SNB Chairman Thomas Jordan.

The euro rose to session highs against the Swiss franc, with EUR/CHF rising 0.18% to 1.2242, up from session lows of 1.2215.



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.