The Swiss franc drifted slightly higher on Wednesday amid weakness in global equity markets and a lack of concrete economic data to drive trading. The safe-haven currency gained 0.04 percent against the euro compared to the New York close, trading at 1.5928 franc per euro. The franc edged 0.1 percent higher against the dollar to 1.0138 francs per dollar.
Swiss and European shares were set to weaken on Wednesday, tracking US markets down due to revived worries about the state of the banking sector. Weaker global equities tend to favour the safe-haven franc. The dollar appears to have found a floor, at least temporarily, versus the franc following almost three years of weakening. The franc weakens against the greenback as confidence in the financial system returns and strengthens on setbacks.
The franc has traded in narrow ranges since April 2 after hitting an all-time high versus the dollar of 0.9637 and a multi-year high of 1.5354 against the euro on March 17. The next key economic indicator for Switzerland is not due until April 21 with the release of March input prices.
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