The Swiss franc was little changed against the US dollar and euro on Thursday ahead of the European Central Bank's interest rate decision later in the day. Markets also await a speech from SNB board member Philipp Hildebrand due later in the session for fresh clues on the SNB's monetary policy.
The franc was flat against the euro at 1.5868 per euro and also virtually unchanged against the US currency at 1.2488 per dollar. Rising rate differentials with the euro zone have pressured the franc in recent weeks as the European Central Bank is seen to tighten credit more aggressively than its Swiss counterpart.
The ECB is expected to raise interest rates by 25 basis points to 3.25 percent on Thursday. Analysts will look for hints from ECB President Jean-Claude Trichet that the ECB plans another hike in December.
A Reuters poll showed on Wednesday that currency experts expect the franc to make steady gains against the dollar over the next year. Median forecasts in this month's survey of 57 currency strategists showed the franc ending the year at $1.2110 and then appreciating to $1.18 a year from now.
Comments
Comments are closed.