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Daily FX Commentary
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Daily FX Commentary
Thu, Mar 12 2009, 13:16 GMT
SNB to weaken franc
The franc was also unable to make headway against the Euro on Wednesday and weakened to lows beyond 1.48 before a correction as there were rumours that the interest rate decision had been leaked.
The National Bank quarterly policy meeting will still be an important focus on Thursday, especially with strong pressure for further action to support the economy and speculation over non-conventional measures such as quantitative easing.
The most likely outcome is that there will be a further 0.25% cut in rates to a target rate of 0.25% and such an outcome should be in the price which will limit the impact.
Any move towards quantitative easing would also be negative for franc sentiment while the franc will gain support if there is a move to resist an immediate move for quantitative easing.
The bank comments on franc strength will be closely watched as they have been vocal in warning over potential intervention over the past few weeks. There are liable to be further warnings against currency strength from the bank officials which will severely contain the potential for Swiss currency gains while any actual intervention would weaken it sharply. The franc pushed back to 1.15 against the dollar on Thursday, before consolidation around 1.1560.
Published on Thu, Mar 12 2009, 13:17 GMT
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Published On Mon, Apr 20 2009, 13:05 GMT - Daily FX Commentary
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