Swiss Franc Rises due to SNB Cuts Rates

2024-09-26
Summary:

The dollar remained steady on Thursday after its biggest rally since early June, as traders awaited key Fed speeches for hints on interest rate cuts.

EBC Forex Snapshot, 26 Sep 2024


The dollar held firm on Thursday following its sharpest rally since early June as traders looked ahead to speeches from key Fed policymakers later in the day for clues on the pace of interest rate cuts.


Fed Governor Adriana Kugler said she "strongly supported" the decision to cut rates by half a point earlier this month to kick off the easing cycle, but did not talk about her preferences for the pace of reductions from here.

USDCHF

The Swiss franc jumped after the SNB cut its benchmark interest rate by 25 bps for a third straight meeting as expected. Swiss inflation fell to 1.1% last month - the lowest among G10 economies.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 23 Sep) HSBC (as of 26 Sep)

support resistance support resistance
EUR/USD 1.0857 1.1202 1.1018 1.1230
GBP/USD 1.2812 1.3353 1.3072 1.3502
USD/CHF 0.8375 0.8749 0.8402 0.8577
AUD/USD 0.6622 0.6871 0.6659 0.6947
USD/CAD 1.3441 1.3792 1.3385 1.3614
USD/JPY 139.50 147.13 141.26 146.54

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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