By Deborah Levine
NEW YORK (MarketWatch) -- The euro recovered from deeper losses against the Swiss franc on Monday, but remained down marginally, after the Swiss National Bank said Philipp Hildebrand is resigning from his office as chairman of the governing board of the central bank. Hildebrand was a key architect of the central bank's intervention in currency markets last fall to weaken the Swiss currency against the euro. The franc rose just after the announcement on concerns that "the SNB would no longer consider a higher peg for euro-franc and may even back away from their current peg," said Kathy Lien, director of currency research for GFT. "However, given how successful the peg has been, it is extremely unlikely that the Swiss National Bank will move away from the peg and for this reason the ultimate impact of Hildebrand's resignation on the Swiss franc should be minimal." The euro traded at 1.2143 francs, down just 0.1% on the day.
