Archive for the ‘SNB’ Category
SNB Offers 7-Day Dollar Funds at 1.47%
Wednesday, December 3rd, 2008Swissy Turns Lower
Tuesday, December 2nd, 2008The Swissy turned lower after it failed to sustain early European buying momentum. Broad weakness across global equity markets was the catalyst for a safe haven bid in early trade, which saw EUR-CHF record 1.5170 lows.
But follow-through selling was lacking, with Swiss economic data reinforcing SNB rate cut speculation. Swiss November CPI fell 0.7% m/m and the y/y rate slowed to 1.5%, which was well below expectations and may force the SNB’s hand following a series of weak PMI data and soft leading indicators.
CHF headed lower as a result, while equity markets also pared losses and turned higher as the European morning progressed, which saw EUR-CHF rally to 1.5289 highs, while USD-CHF hit 1.2094.