Swiss Franc Takes a Dive After Unexpected SNB Interest Rate Decrease
Thursday, 21 March 2024, 08:57
Swiss National Bank's Unanticipated Rate Cut Impacts Swiss Franc
If there was going to be a surprise this week, the SNB was always going to be the one. And they certainly had the courage to do so, taking the first step well before any other major central bank in this latest cycle.
Market Reaction and Currency Movement
- Traders caught off guard, pushing Swiss franc lower
- USD/CHF climbs to highest level since November
- EUR/CHF reaches highest level since July
From a technical perspective, there might be potential for further decline despite market pricing in additional rate cuts. The SNB's future actions and balance of risks involved in the forex market remain uncertain.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.