Swiss franc ticks lower
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