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Tuesday, January 25, 2022

Swiss franc strengthens after SNB keeps rates on hold

Swiss franc strengthens after SNB keeps rates on holdLONDON: The Swiss franc strengthened on Thursday after the country’s central bank decided against moving its benchmark interest rate further below zero, keeping it at -0.25 percent.

The euro fell to 1.0570 francs from around 1.0625 francs just before the Swiss National Bank’s decision, down around 0.5 percent on the day.

The SNB’s decision was in line with market expectations, and the euro’s fall was part of its broader fall as traders lightened positions after the single currency’s surge on Wednesday, its biggest rise against the dollar in six years.

The SNB said the franc remained significantly over-valued and should continue to weaken over time. It also slashed its growth and inflation forecasts, a response to the franc’s surge in mid-January after the SNB scrapped its cap against the euro.

Copyright Reuters, 2015

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