The Swiss franc held steady against major currencies on Friday as markets awaited comments from the head of the Swiss National Bank that could shed light on the future direction of interest rate policy. Analysts at SEB expect Thursday's slip in the franc to be short-lived and for the Swiss currency to gain ground against the euro.
"The (euro's) move up from the lows yesterday looks corrective only," SEB analysts said in a research note. The franc tends to fall when investors are more confident about taking on riskier positions and move into carry trades, selling the franc to buy higher-yielding currencies. The franc stood mostly unchanged at 1.6215 against the euro compared to Thursday's New York close, and hovered near 1.0303 versus the USD.
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