At its March quarter monetary policy assessment held this Thursday, the Swiss National Bank (SNB) board members decided to leave the monetary policy settings unchanged.

The SNB left the benchmark sight deposit rate unchanged at -0.75%.

The central bank maintained the 3-Month Libor Target Range steady between -1.25% to -0.25%, as widely expected.

On the expected rates on-hold decision by the SNB, the Swiss franc extended the recovery from a three-week high vs. the greenback, with USD/CHF testing the 0.9700 support area.

The Swiss National Bank conducts the country's monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.

Source : FXstreet