Swiss franc flat

The Swiss franc was trading flat against the dollar and euro on Tuesday as markets were gearing up for a string of central bank speeches later in the session for clues on SNB monetary policy. Swiss National Bank Vice-Chairman Philipp Hildebrand is due to hold a speech later in the day, and board member Thomas Jordan has two speaking engagements.
They are unlikely to back away from a policy of foreign exchange interventions to prevent a rise in the franc, but markets could react to subtle changes in the SNB's tone, said UBS analyst Reto Huenerwadel. "A gradual change in sentiment with the SNB thereby would be reflected in a changed risk bias to their Swiss growth outlook early on," Huenerwadel said. The franc was flat against the euro compared with the New York close, trading at 1.5175 per euro. The franc was also nearly unchanged against the dollar at 1.0617 per dollar.