The Swiss franc was weaker against the euro on Friday, giving up some of the gains it made in the wake of a European Central Bank rate cut on Thursday that analysts said was not bold enough. The ECB cut its benchmark interest rates by 50 basis points on Thursday to fight a looming recession.
But some analysts called the move disappointing in the wake of a stunning 150 basis point rate cut by the Bank of England earlier in the day. The Swiss National Bank also lowered its target rate by 50 basis points on Thursday, the second time it cut rates in a month, and analysts expected more to come. The franc was down 0.19 percent against the euro compared to late New York trading, trading at 1.4998 per euro.