New York Session – January 9, 2012 4:06 PM

The greenback remained weak through NY trading as sentiment was relatively stable in a lackluster session. There were no economic data releases out of the U.S., however there were several headlines and news flow. SNB Chairman Philipp Hildebrand announced his resignation today following damaged credibility after reports of his wife’s FX transactions last year surfaced. The franc initially gained following the news, however the move was only a knee-jerk reaction as the bank said it will maintain policy and stick to the floor of 1.20 in EUR/CHF. Vice President Thomas Jordan who is acting chief of the bank said the SNB will defend the limit with the ‘utmost determination’. EUR/CHF dipped briefly towards the 1.21 level and bounced to current levels of around 1.2130. Full text »

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