The Swiss franc dropped on Thursday after major central banks stepped up their efforts to calm global money markets by offering larger amounts of dollar liquidity. Markets now await the Swiss National Bank's rate decision, where the central bank is expected to hold its target rate for the 3-month Swiss franc LIBOR steady at 2.75 percent despite risks from the worsening of the global credit crisis.
The franc was 0.3 percent lower against the euro compared to the New York close, trading at 1.5864 per euro. The franc was down 0.4 percent against the dollar at 1.1082 per dollar. The SNB said it would hold daily overnight dollar repo auctions and increase the total volume of outstanding dollar terms to $27 billion from $12 billion offered so far.
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