SNB opts to hold rates

The Swiss National Bank left its target range unchanged on Thursday, arguing that the global economic slowdown would dampen inflationary pressures in the medium term.

The majority of analysts expected the central bank to keep its target range for the Swiss franc three-month Libor on hold at 2.25-3.25%. However, a significant minority had predicted a tightening after Swiss inflation soared to a 15-year high of 2.9% in May.

But Jean-Pierre Roth, the chairman of the central bank's governing boar