Investing.com - The euro eased up to a two-week high against the Swiss franc on Wednesday, after the Swiss National Bank named Thomas Jordan president, in a widely anticipated decision.
EUR/CHF hit 1.2034 during European afternoon trade, the pair’s highest since April 5; the pair subsequently consolidated at 1.2026, easing up 0.10%.
The pair was likely to find support at 1.2011, the session low and resistance at 1.2056, the high of March 30.
In a statement earlier, the Swiss government said Jordan’s appointment would become effective immediately, three months after he took over as interim head of the central bank, following the resignation of former president Philipp Hildebrand.
Market participants did not expect his appointment to have any significant impact on the monetary policy strategy of the SNB.
Earlier this month, the euro briefly dipped below the minimum exchange rate of 1.20 against the Swiss franc imposed by the SNB in September.
Following the move, Jordan reiterated that the SNB remains ready to defend the 1.20 level but acknowledged that such breaches of its minimum exchange could reoccur.
Elsewhere, the Swissie was lower against the U.S. dollar, with USD/CHF rising 0.51% to hit 0.9199.
Market sentiment remained under pressure ahead of an auction of two and 10-year Spanish government bonds on Thursday, amid uncertainty over whether the government will be able to reduce one of the largest deficits in the euro zone as the economy slides into a recession.
EUR/CHF hit 1.2034 during European afternoon trade, the pair’s highest since April 5; the pair subsequently consolidated at 1.2026, easing up 0.10%.
The pair was likely to find support at 1.2011, the session low and resistance at 1.2056, the high of March 30.
In a statement earlier, the Swiss government said Jordan’s appointment would become effective immediately, three months after he took over as interim head of the central bank, following the resignation of former president Philipp Hildebrand.
Market participants did not expect his appointment to have any significant impact on the monetary policy strategy of the SNB.
Earlier this month, the euro briefly dipped below the minimum exchange rate of 1.20 against the Swiss franc imposed by the SNB in September.
Following the move, Jordan reiterated that the SNB remains ready to defend the 1.20 level but acknowledged that such breaches of its minimum exchange could reoccur.
Elsewhere, the Swissie was lower against the U.S. dollar, with USD/CHF rising 0.51% to hit 0.9199.
Market sentiment remained under pressure ahead of an auction of two and 10-year Spanish government bonds on Thursday, amid uncertainty over whether the government will be able to reduce one of the largest deficits in the euro zone as the economy slides into a recession.