The Swiss franc fell today against the euro after the German court decision boosted the shared European currency. The Swiss currency followed the euro in gains against the US dollar.
The Swiss National Bank will announce its monetary decision after the policy meeting tomorrow and most market participants expect the central bank to reiterate its pledge to keep the cap of 1.20 francs per euro. The bank has kept the ceiling for a year despite the criticism of such policy. Critics point out that it is still dangerous to keep a huge amount of euros (as the SNB was doing to maintain the exchange rate), even though Europe made headway in resolving its problems.
EUR/CHF climbed from 1.2071 to 1.2085 as of 17:13 GMT today, while USD/CHF was down from 0.9389 to 0.9374 and its daily low of 0.9341 was the lowest since May 15.
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