The Swiss franc was steady against the dollar and euro on Friday as markets eye retail sales data due later in the session for clues on the direction of the Swiss economy. Retail sales are expected to rise by 5.0 percent in April, according to a Reuters poll. Traders are also digesting Thursday's hike in interest rates by the Swiss National Bank, which also upped its inflation forecasts.
The franc had fallen on the news, and UBS analyst Reto Huenerwadel said the SNB statement would have had to be very hawkish for the franc not to fall. The franc was almost unchanged at 1.6584 francs to the euro, still close to an 8-1/2 year low of 1.6614 per euro hit mid-May.
Comments
Comments are closed.