The Swiss franc was extremely strong today, beating all of its most-traded rivals. That is surprising, considering that Switzerland’s economic calendar is empty today, and the currency had no factors to facilitate such good performance. Yesterday, the nation’s central bank made its policy announcement.
The Swiss National Bank released its monetary policy statement yesterday, announcing that it keeps monetary policy unchanged:
The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity. Interest on sight deposits at the SNB remains at â0.75% and the target range for the three-month Libor is unchanged at between â1.25% and â0.25%. The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.
Such decision was widely expected.
USD/CHF declined from 0.9588 to 0.9568 as of 10:32 GMT today, and its daily low of 0.9548 was the lowest since April 10. EUR/CHF dropped from 1.1291 to 1.1254.
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