SNB Surprises Markets with 25 bps Rate Cut, Swiss Franc Tumbles
Thursday, 21 March 2024, 11:44
SNB Rate Cut and Market Reaction
The Swiss National Bank (SNB) surprised markets with a 25 bps rate cut, causing the Swiss franc to fall. Traders, expecting the move later, were caught off guard.
EUR/CHF and USD/CHF Movement
EUR/CHF rose to its highest level in almost a year before easing back, while USD/CHF surged to year-highs before retreating slightly.
Eurozone PMI Data
- Manufacturing sector remains in recession.
- Strength in services sector stabilizes economy.
Market Movements
- Equities up, both in Europe and US futures.
- Gold hits record highs above $2,200.
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.