Only the most dedicated of European traders got a look at the Roth comments yesterday. Unlike their North American counterparts, European players got their first look at the SNB Chairman's rhetoric today.
Talking on all subjects from the pace of the 2007 slowdown to the 1.58/59 EUR/CHF comfort zone the central bank head was moderately hawkish. However, the one subject he failed to touch upon, just happened to be the subject that the majority of the market wanted to hear about.
Interest rates "remain low" but no signals yet for confirmation that the SNB will raise target LIBOR bands in Q4 (December). Intraday, pre-Fed long Dollar squaring has driven many trades but brief forays in USD/CHF into the 1.2640's have found only more support. Add to this the bounce in EUR/CHF off 1.5900 and the Franc has looked unable to eke out further gains.
Looking ahead, US Housing & Chicago Fed data are set for release at 14:00 GMT but it will be the 18:15 GMT FOMC rate verdict & accompanying statement that attract the bulk of the attention.
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