USD/CHF has rebounded from intraday losses and shifted into positive territory following the Swiss National Bank's (SNB) decision to cut interest rates by 25 basis points (bps) to 1.50% in its March meeting held on Thursday.
USD/CHF gains ground on SNB’s decision to reduce interest rates by 25 bps on Thursday. The Swiss National Bank has opted to reduce interest rates in response to significant declines in both inflation and growth over the past year. Fed projects a higher long-term policy rate through December, increasing to 2.6% from the previous projection of 2.5%.
However, despite the Fed's optimistic growth expectations, markets are seemingly shrugging off these projections, leading to a decline in the value of the US Dollar . The US Dollar Index hovers around 103.30, mainly influenced by weaker US Treasury yields. Yields for the 2-year and 10-year bond coupons have fallen to 4.59% and 4.25%, respectively. This decline is attributed to the US Federal Reserve's reaffirmation of expectations for three interest rate cuts this year.
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