The slow start to the week has kept Franc trading choppy. Overnight and the Franc elicited support as the Yen gained while into early European trading it was anticipation of the Swiss data that spurred macro buying of the CHF. The unit rallied against both the EUR and USD but the gains were short-lived as unemployment remained unchanged at 2.9%.
Profits were quickly booked and USD/CHF has since steadied around the 1.21 area. Buying in EUR/CHF continues to support the price but cross offers trail from 1.6480 back to 90. Intraday and the risk-profile is shaped by the 18:30 GMT comments from Former Federal Reserve Chairman Alan Greenspan and the 19:00 GMT release of March US consumer credit data (USD 4.5Bln expected).
Local dealers may be keeping one eye on the Wednesday FOMC verdict but the day also notes a key speech from the SNB board member Jordan and the monthly Swiss bond auction. The Swiss central bank speaker will have his comments scrutinized for further clues on interest rate policy and second-quarter consumer sentiment data due on Thursday.
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