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The Swiss franc advanced against its major counterparts in early European deals on Thursday, after the Swiss National Bank kept its monetary policy on hold and reiterated that it will remain active in the foreign exchange market when necessary. The decision was in line with expectations.

The interest rate on sight deposits at the SNB was retained at -0.75 percent and the target range for the three-month Libor was kept unchanged between -1.25 percent and -0.25 percent.

The bank said it will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

The SNB reiterated that the currency remains "highly valued." The bank viewed that the situation on the foreign exchange market remains fragile, and the negative interest rate and willingness to intervene in the foreign exchange market as necessary therefore remain essential.

Data from the Federal Customs Administration showed that Switzerland's foreign trade surplus decreased in May, as exports remained flat and imports rose.

The trade surplus fell to CHF 2.3 billion in May from CHF 2.7 billion in the previous month.

Meanwhile, the European shares were mixed amid looming threat of a full-blown trade war between the world's two largest economies. Traders awaited Friday's OPEC meeting and new developments on global trade for directional clues. The franc exhibited mixed trading against its major counterparts in the Asian session. While it held steady against the euro and the pound, it declined against the greenback. Against the yen, it advanced.

Following a 3-day low of 0.9986 hit at 3:00 am ET, the franc reversed direction and advanced to 0.9949 against the greenback. The pair was worth 0.9962 when it had closed deals on Wednesday. The franc is seen finding resistance around the 0.97 region.

The franc added 0.2 percent to hit a 2-day high of 1.1505 against the euro, from Wednesday's closing value of 1.1533. On the upside, 1.14 is possibly seen as the next resistance level for the franc.

The franc climbed to a 3-week high of 1.3076 against the pound, after having fallen to 1.3145 at 11:45 pm ET. The franc was trading at 1.3114 versus the pound at yesterday's close. The franc is poised to test resistance around the 1.29 level.

Data from the Office for National Statistics showed that the UK budget deficit reached its lowest May level since 2005.

Public sector net borrowing, excluding public sector banks, decreased by GBP 2.0 billion from last year to GBP 5.0 billion in May. This was the lowest May net borrowing since 2005 and below the expected level of GBP 6.3 billion.

The franc appreciated to a 3-day high of 111.14 against the Japanese yen, compared to 110.77 hit late New York Wednesday. Next key resistance for the franc is likely seen around the 113.00 level.

Looking ahead, at 7:00 am ET, the Bank of England announces its decision on interest rate. The bank is expected to hold its bank rate at 0.50 percent and asset purchase programme at GBP 435 billion.

In the New York session, U.S. weekly jobless claims for the week ended June 16, leading index for May, Canada wholesale sales for April and Eurozon advanced consumer sentiment index for June are scheduled for release.