Swiss Franc Resilient Despite Negative Interest Rates

The Swiss franc gained on the US dollar and held steady versus the euro during the current trading session even though the Swiss National Bank decided to keep negative interest rates at today’s policy meeting.
The SNB maintained the policy of charging 0.75 percent interest on deposits made to the bank. The central bank remained unhappy with the exchange rate, saying that “the Swiss franc is significantly overvalued.” Yet the SNB will be hard-pressed to weaken the currency as investors flock to the Swissie thanks to its safe haven properties.
USD/CHF dipped from 0.9218 to 0.9178 as of 12:25 GMT today, trading near the lowest level since May 18. EUR/CHF was at about 1.0464, close to the opening rate of 1.0453.

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