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Swiss Franc Climbs In Cautious Trade

The Swiss franc advanced against its major counterparts during the European session on Thursday amid safe-haven status, as Eurozone private sector growth eased in March and investors focused on the European Union summit in Brussels that is expected to announce further sanctions on Russia for conflict in Ukraine.

There are reports that the U.S. and European Union are preparing a deal to slash Europe’s dependence on Russian oil and gas.

U.S. President Joe Biden’s national security adviser Jake Sullivan said that the President will make an announcement on Friday on a long term initiative to reduce Russia’s oil and gas imports to Europe.

Biden is set to announce a package of sanctions on Russia’s political figures and oligarchs for its invasion of Ukraine.

Russian President Vladimir Putin said that he will insist for payment in rubles for gas sales from “unfriendly” countries.

The Swiss National Bank left its expansionary monetary policy unchanged.

Policymakers of the central bank decided to retain the policy rate and interest on sight deposits at the SNB at -0.75 percent.

The bank repeated that it is willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on the Swiss franc.

The franc jumped to 130.93 against the yen, its highest level since July 2015. On the upside, 132.5 is possibly seen as its next resistance level.

The franc rose back to 0.9302 against the greenback, heading to pierce a 3-day high of 0.9297 seen in the Asian session. Next key resistance for the franc is seen around the 0.90 level.

The franc climbed to a 10-day high of 1.0213 against the euro and a 3-day high of 1.2269 against the pound, off its early lows of 1.0269 and 1.2327, respectively. The next possible resistance for the franc is seen around 1.00 against the euro and 1.19 against the pound.

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