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Traders Await SNB Policy Meeting For A Possible EURCHF Floor Change

Following the attack on the US embassy in Libya and the murder of the US ambassador, commentators are citing the possibility of the unrest spreading across the region. Anger was vented against the US in retaliation to a film published by a US citizen that was felt mocked and undermined the Islamic faith. If there is unrest spirals and is widespread this is likely to impact on Oil prices due to the stability in the Middle Eastern region.

Expectation and rumours surround the capped EURCHF cross. There has been speculation that the central bank will hike the cap up to a 1.22 or even the 1.25 level. This has seen the EURCHF trade in its highest range since February with a high of 1.2156.  The SNB will be on the wires at 8:30 (London) and are expected to leave the cap unchanged, however any hint of a raise could see the pair trade considerably higher.

A new wave of anti-austerity strikes took place across Greece on Wednesday from a collective of state hospital doctors, teachers and local authority workers. The planned spending and salary cuts are severe but necessary to meet the bailout conditions in place.

Key announcements to be aware of later today from the FOMC.

Headlines

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Fitch downgrades Australias Queensland State to AA from AA+

Egan-Jones affirmed Germany’s sovereign credit rating at A-plus

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