Swiss franc ticks lower

The Financial Daily - - MONEY & FOREX -

ZURICH: The Swiss franc ticked lower on Wed­nes­day as hawk­ish cen­tral banker com­ments lifted euro and dol­lar while a Swiss pol­icy maker struck a more cau­tious tone.

The green­back got a boost from St. Louis Fed chief James Bullard, who urged the US cen­tral bank to be­gin re­vers­ing its cam­paign of mon­e­tary eas­ing and the euro was lifted by com­ments that added to views that the Euro­pean Cen­tral Bank was about to hike in­ter­est rates.

"He re­minded mar­kets that the SNB will have to hike even­tu­ally, too, but not yet," In­forma Global Mar­kets an­a­lyst Tony Ny­man said, adding the SNB was in no rush to move.

"I think the SNB has fairly easy de­ci­sions to make. At the mo­ment there is no real in­fla­tion­ary pres­sure so they can af­ford to sit and wait and watch how cur­rent crises in the world play out be­fore mov­ing," he said.

The franc dipped against the euro com­pared to the New York close, trad­ing at 1.3001 per euro at 0649 GMT. Traders said the next re­sis­tance level was at 1.3030, while the euro saw good sup­port at 1.2930.

The franc also fell against the dol­lar to 0.9238 per dol­lar, but was still not too far off the all­time high of 0.8963 hit in midMarch. -Reuters

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