England Drought Expands to 71% as Heatwave Deepens Water Crisis 
Fed Holds Interest Rates Steady as Kevin Warsh Says Rising Treasury Yields Tighten Financial Conditions 
Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
US Stock Futures Flat as Iran Strait of Hormuz Demands Fuel Oil Concerns 
S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
BOJ Signals Faster Rate Hikes as Inflation Risks Raise September Move Odds 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Japan PM Sanae Takaichi Unveils Growth Plan as BOJ Independence Concerns Lift Bond Yields 
Japan Services Producer Prices Rise 3.2% in June, Supporting BOJ Rate Hike Expectations 
South Korean Won Leads Asian FX Losses as Dollar Rises 
The Swiss National Bank (SNB) left its benchmark interest rate unchanged at record-low levels, with an aim to keep a check on the overvalued Swiss franc.
SNB maintained its target band for 3-month Libor at -0.25 to -1.25 percent and the interest rate it charges on sight deposits at -0.75 percent. The bank said it will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
The central bank reiterated that the Swiss franc is still significantly overvalued. The bank added that the negative interest rate and the SNB's willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive, thereby easing pressure on the currency.
"Besides, an overvalued currency, there are a multitude of political uncertainties which are particularly associated with the future course of economic policy in the U.S., upcoming elections in several countries in the euro area as well as the complex and arduous exit negotiations between the UK and the EU," Reuters reported, citing the central bank’s statement.
The franc held steady against the greenback with the trading at 1.0240, following a decline to nearly 11-month low of 1.0256 in the Asian session. The pair was valued at 1.0201 when it finished Wednesday's trading. The Swiss currency retreated to 1.0751 against the euro, off a 3-day peak of 1.0727 set early in the Asian session.
