empty
 
 

2014.04.2505:48:00UTC+00Swiss Franc Climbs Against Most Majors

The Swiss franc advanced against most major currencies in early European deals on Friday, as weakness in European stocks lifted the appeal of safe-haven assets.

Ukraine worries intensified after its troops killed five pro-Moscow rebels on Thursday and Russia commenced military drills near the border. U.S. Secretary of State John Kerry accused Russia of failing up to commitments and warned that the window for Moscow to change its course in Ukraine was closing.

Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, told today that Swiss franc remains still high, which poses threat of deflation.

"With interest rates close to zero and a Swiss franc which is still high, the minimum exchange rate continues to be the SNB's most important monetary policy instrument for ensuring appropriate monetary conditions," Jordan said at the meeting of shareholders of the Swiss National Bank in Berne.

The franc advanced to 1.2186 against the euro and 1.4801 against the pound. The next possible resistance for the franc lies around 1.47 against the pound and 1.21 against the euro.

The franc rose to 0.8807 against the greenback, its highest since April 23. This may be compared to yesterday's close of 0.8813. If the franc extends gain, it is likely to face resistance around the 0.875 zone.

Looking ahead, the U.S. flash services PMI and Reuters/University of Michigan's final consumer sentiment index for April are set for release in the New York session.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback