Swiss Franc Weakens Across the Board, SNB's Hildebrand Sees Global Economy Nearing 'Turing Point'
CHF experienced modest selling pressure, which lifted EUR-CHF back in to 1.5150 following good local demand around the 1.5120 region. The cross fell in to the European session due to general dollar supply, but a supra-national name have been a decent buyer from 1.0640 up to the 1.0665 level following the early pull back from 1.0700. USD-CHF has struggled to sustain a move below 1.0600 and the general appetite for the crosses is a supportive factor. GBP-CHF rebounded from 1.7325-30 to trade close to 1.7400, but is still a good distance from Wednesday's 1.7710 peak. SNB's Hildebrand said that the global economy may be near a turning point late Wednesday. However, he indicated that Swiss politicians were correct to discuss fresh economic stimulus and felt that the country was yet to fully feel the economic downturn, suggesting that the Bank is still on tenterhooks, which should keep the swissie on the backfoot.