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Forex News: Franc Mixed After SNB Decision

Franc Mixed After SNB Decision

03/21/2019 - 06:24:00 (RTTNews)

(RTTNews) - The Swiss franc traded mixed against its major opponents in the European session on Thursday, after the Swiss National Bank left its policy rates unchanged, while cautioning that the domestic currency is still 'highly valued' and is ready to intervene in the forex market when necessary.

The SNB kept its interest on sight deposits unchanged at -0.75 percent and the target range for the three-month Libor between -1.25 percent and -0.25 percent.

The decision was in line with economists' expectations.

Even though the franc has depreciated slightly since the December session, it is "still highly valued, and the situation on the foreign exchange market continues to be fragile," the bank said in a statement.

The central bank said it will remain active in the foreign exchange market, if required.

European shares were trading mixed as investors weighed the risk of a disruptive no-deal Brexit.

A boost from the Fed's surprise forecast for no rate increases in 2019 was offset by U.S. President Donald Trump's comments that U.S. tariffs on Chinese goods could remain for a long period of time.

The currency showed mixed trading against its major counterparts in the Asian session. While it held steady against the euro and the pound, it fell against the yen. Against the greenback, the currency rose.

The franc was 0.2 percent higher at near a 2-week high of 1.1313 against the euro, following a decline to 1.1334 at 3:30 am ET. Next key resistance for the franc is possibly seen around the 1.12 level.

The franc appreciated to 1.3055 against the pound, its strongest since February 25, and marked a 0.5 percent gain from a low of 1.3116 touched at 3:00 am ET. The franc is seen challenging resistance around the 1.29 region.

The Swiss currency was down by 0.3 percent at 0.9934 against the greenback, after rising to 0.9904 at 10:15 pm ET. The franc is poised to find support around the 1.01 mark.

The franc weakened to a 6-day low of 111.08 against the yen, down by 0.6 percent from a high of 111.74 seen at 8:30 pm ET. On the downside, 1.08 is likely seen as the next support for the franc.

Looking ahead, the Bank of England's interest rate decision is scheduled for release at 8:00 am ET. Economists widely forecast the interest rate to be kept at 0.75 percent and asset purchase program at GBP 435 billion.

Canada wholesale sales for January, U.S. weekly jobless claims for the week ended March 16 and leading index for February will be released in the New York session.

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