The Swiss Franc (CHF) lost ground against the US Dollar (USD) on Thursday after the Swiss National Bank (SNB) surprisingly decided to hold rates uncha
USD/CHF gains to 0.9038 after the SNB surprises markets by keeping rates at 1.75%, with the market pricing in a hike to 2%.
With the interest rate differential favoring the USD, a sustained break above the 200-DMA could see USD/CHF testing the YTD high above 0.9400. unchanged, surprising the markets, which priced in a rate hike to 2%. Hence, the USD/CHF edges higher by 0.59%, exchanging hands at 0.9038.In the early European session, the SNB unexpectedly held rates at 1.75% as money market futures estimated a 25 bps rate hike. Although it was a dovish surprise, the Swiss National Bank commented that further tightening may be necessary to ensure price stability over the medium term. at 2.2%.
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