Franc Holds Near 0.94 After the ECB Leaves Rates Unchanged

ZURICH - After the European Central Bank held its deposit rate at 2.75 percent, the euro-franc pair stayed near 0.94, the level Swissmem calls manageable. Export desks in Schaffhausen and the Jura had wanted a softer franc. They did not get one from Thursday's meeting.

The Swiss National Bank has kept its policy rate at 1.25 percent since June and has not signalled a rush to move first. Mortgage desks at cantonal banks left ten-year fixed offers where they were, still above 2.5 percent in most of the published lists.

Two banks, one housing market

Stable European rates feed the slow construction story in our density report and the ECB decision file from earlier in the day. The franc is the Swiss version of that same patience.