Franc Jumps as SNB Maintains Ceiling

The Swiss franc climbed today after the Swiss National Bank maintained the ceiling for the currency and increased its growth forecast.



 The franc rose for the first day after two sessions of decline.
The Swiss central bank left its main interest at zero to 0.25 percent range and maintained the cap at 1.20 francs per euro. The bank wrote:
There are growing indications that Switzerland’s economy is stabilising. For 2012, the SNB is now forecasting moderate growth, at close to 1%.
The franc was one of the worst performing currencies after the ceiling was introduced, but managed to rise slowly against the euro and may soon test the resolve of the SNB to keep the cap.
USD/CHF fell from 0.9304 to 0.9266, following the earlier rise to 0.9334 — the highest since January 25. EUR/CHF dropped from 1.2126 to 1.2096 as of 12:02 GMT today.

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