TPHD - SNB Surprises The Market (Again)
2024-06-20 07:25:00 ET
Summary
- The Swiss National Bank surprised many with its second consecutive rate cut.
- Norway's central bank left policy on hold and warned that if the economy performs as expected, it does not anticipate a rate cut until next year.
- The US dollar is trading higher against all the G10 currencies today but the Norwegian krone.
Overview
The US dollar ([[DXY]], [[USDOLLAR]]) is trading higher against all the G10 currencies today but the Norwegian krone. Norway's central bank left policy on hold and warned that if the economy performs as expected, it does not anticipate a rate cut until next year. On the other hand, the Swiss National Bank surprised many with its second consecutive rate cut. The Swiss franc is the weakest of the major currencies, off about 0.70% against the dollar. The Bank of England is up next. It will not cut rates, but a close vote could weaken sterling, which is trading slightly heavier. Emerging market currencies are mostly weaker. The PBOC set the dollar's reference rate at the strongest level since last November, and the offshore yuan has fallen to new lows for the year. The Mexican peso is one of the exceptions among emerging market currencies today, and is slightly better than steady....
SNB Surprises The Market (Again)