Swiss Franc Tumbles After SNB Surprises with a Rate Cut Today
Thursday, 21 March 2024, 11:44
SNB Rate Cut and Market Reaction
The Swiss National Bank's surprise rate cut of 25 bps caused the Swiss franc to tumble. EUR/CHF and USD/CHF saw significant movements in response to the news.
Euro Area PMI Data
The Eurozone's PMI data for March showed mixed results, with the manufacturing sector still in recession but services helping stabilize the economy.
Dollar's Post-Fed Weakness
Despite some post-Fed weakness, the dollar rebounded in European trade, with USD/JPY improving from Asia lows. Equities markets were mostly up, and gold continued to hold above $2,200 in the commodities space.
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.