Waheed Mahmood
ZURICH: The Swiss franc rose against the dollar on Thursday as the greenback paused for breath after its recent rally on doubts about the size of an expected asset purchase programme by the US Federal Reserve.
The franc was up 0.3 per cent against the dollar at 0.9875 per dollar. Commerzbank technical analysts said they expected the dollar to continue to recover from the all-time low of 0.9461 set earlier this month with interim support at 0.9683 and resistance at 0.9932, with a medium-term target of parity.
The franc was 0.14 per cent weaker against the euro compared to the New York close, trading at 1.3652 per euro at 0634 GMT. UBS economist Reto Huenerwadel noted that volumes in euro/franc trades were off the highs prompted by the Swiss National Bank’s (SNB) intervention earlier in the year and said economic fundamentals were playing a bigger role. -Reuters
The franc was 0.14 per cent weaker against the euro compared to the New York close, trading at 1.3652 per euro at 0634 GMT. UBS economist Reto Huenerwadel noted that volumes in euro/franc trades were off the highs prompted by the Swiss National Bank’s (SNB) intervention earlier in the year and said economic fundamentals were playing a bigger role. -Reuters
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