Swiss franc moves sideways ahead of SNB speech

27 Apr, 2004

The Swiss franc traded in narrow ranges early on Monday after a weekend Group of Seven meeting sprung no surprises, traders said, adding the market's focus was on when US and Swiss interest rates might rise.
The dollar edged up to 1.3187/92 francs from 1.3178/83 late on Friday in Europe. The euro eased to 1.5550/57 francs from 1.5577/82.
Swiss National Bank board member Philipp Hildebrand addresses a financial seminar at 1530 GMT on "The Current Situation of Monetary Policy and Economic Prospects".
Hildebrand had given no fresh clues on the SNB's future policy in a speech on Friday, but UBS in its daily markets bulletin saw an "outside chance" that he might be more forthcoming at Monday's event.
"Having said this, it is also true that when screening the latest comments by Mr Hildebrand there have been very little indications of increased uneasiness among the SNB about the current admittedly very expansive monetary policy," it said.
"The latest indicators, too, make an early SNB tightening increasingly unlikely."

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