The EUR/CHF pair fluctuated heavily yesterday after the Swiss National Bank President, Philipp Hidebrand, shocked markets and resigned. The chief stepped down after controversy over currency trades made by his wife ahead of the SNB move of weakening the franc.
Moreover, the euro declined against the franc after Merkel and Sarkozy disappointed markets as usual and provided nothing new to investors.
In general, today the euro is expected to remain volatile as investors will weigh the resignation of the SNB president; however, will the lack of fundamentals awaited from Europe and Switzerland today, markets will track the several bond auctions due today.
Auctions:
Netherlands will sell bonds at 09:00 GMT.
Austria, Malta and Greece will auction bonds at 10:00 GMT.
Slovenia will auction bonds at 12:00 GMT.
Originally posted here
