The Swiss franc strengthened against the dollar on Wednesday, hovering close to year highs, but was flat against the euro as traders sat on the fence prior to the SNB's interest rate decision on Thursday. UBS economist Reto Huenerwadel said traders see little value in buying the franc against the euro in the near term.
Since that would mean positioning themselves directly against the Swiss National Bank's stated monetary will, which has lately been backed by intervention in the market. The franc was little moved against the euro compared to the New York close, trading at 1.517 francs per euro. The franc rose 0.2 percent against the dollar, trading at 1.033 francs per dollar. Investors will be looking for specific information from the SNB on monetary policy.
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