The Swiss franc rose against the dollar and euro in early European trade on Thursday as markets braced for a second interest rate rise in three months from the Swiss National Bank later in the session.
The dollar, which has fallen 1 percent so far this year after gains last year, stood at 1.2974/77 Swiss francs, down from around 1.3005/10 francs late on Wednesday.
The euro, which had touched a two-year high earlier this week, changed hands at 1.5640/42 francs, down from levels near 1.5662/67 francs late in the previous session and below the high near 1.57 francs.
The Swiss National Bank is almost certain to increase interest rates by 25 basis points later on Thursday, continuing its gradual tightening campaign that it restarted in December.
The drop in the franc against the dollar last year has made Swiss goods more attractive abroad and has helped companies such as Nestle, contributing to gaining momentum in the $350 billion economy.
Comments
Comments are closed.