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SNB Keeps Interest Rates Near Zero, Franc Drops

December 16, 2010 at 12:54 by Vladimir Vyun

Swiss francThe Swiss franc weakened today after the central bank left the interest rates unchanged and before the meeting of the European Union leaders, who are going to discuss the possible actions to deal with the European debt crisis.

The Swiss National Bank kept the London Interbank Offered Rate (Libor) unchanged “within the lower part of the target range at around 0.25%”. Philipp Hildebrand, Chairman of the Governing Board of the SNB, said on the press conference:

Growth in Switzerland was robust in the third quarter of 2010, but the weakening of exports, in particular, points to a significant reduction in growth in the quarters ahead.

USD/CHF traded at 0.9700 as of 10:54 GMT today after opening at 0.9679.

If you have any questions, comments, or opinions regarding the Swiss Franc, feel free to post them using the commentary form below.

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