SNB cuts interest rates by 50 basis points, and the USD/CHF pair continues its upward trend
The Swiss National Bank unexpectedly cut interest rates by 50 basis points yesterday, contrary to expectations of a 25-basis point cut. This reduction takes the rate from 1.00% to 0.50%, marking the fourth consecutive cut this year after three 25-basis-point reductions.
The US dollar continues its upward trend against the Swiss franc for the fifth consecutive day, reaching 0.8930 today, the highest level since November 25, 2024. It is currently hovering near the 0.8925 level. The US dollar has appreciated by about 6% against the Swiss franc since the beginning of the year.
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