European indices shed some of their early gains with the DAX down for the day. In early trading indices were supported after yesterday's FED statement indicating that interest rates may remain on hold for a longer than anticipated time and will rise at a slower pace. The Federal Reserve, although removing the 'patient' wording from its minutes, lowered forecasts on economic growth and inflation - the strong dollar keeps inflation below the targeted 2% and slows export-growth. FED chair Janet Yellen said that the FED has not yet decided on the timing of a rate hike but it could happen at any FOMC meeting this year.
Today the Swiss National Bank kept the rates on sight deposits at minus 0.75% and said that the bank will remain active in the forex market as the swiss franc is significantly overvalued and effects inflation and economic growth. The SNB sees inflation at -0.5% in 2016 and growth under 1% - almost half the pace predicted 3 months ago.
The European Central Bank's long-term refinancing operation was well accepted. 97.8 billion euros were claimed by eurozone's financial institutions.
The FTSE 100 index is currently trading higher, quoted at 6,955.26 after setting intraday an all-time high at 6,982.79 points. Germany's DAX 30 lost -0.11% trading at 11,909.38 points. France's CAC 40 is currently trading at 5,041.44 points, 0.16%.