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USD/CHF Falls as SNB Cuts Rates Amid Inflation Concerns

Elena by Elena
26/09/2024
in CHF exchange rate, News
What Is a Stable Coin Pegged to the Swiss Franc?

The USD/CHF pair has sharply declined from the psychological resistance level of 0.8500 during Thursday’s European session, following the Swiss National Bank’s (SNB) decision to cut interest rates by 25 basis points (bps) to 1%. This marks the third consecutive 25 bps reduction by the SNB, prompted by inflationary pressures in the Swiss economy that have exceeded the bank’s target of 2%. The annual Consumer Price Index (CPI) in Switzerland decelerated to 1.1% in August.

Meanwhile, the US Dollar (USD) is maintaining its recovery as Federal Reserve (Fed) officials, including Chair Jerome Powell, prepare to comment on economic conditions and interest rate expectations. Their remarks will help clarify whether the Fed will implement a second consecutive 50 bps cut in November or opt for a more gradual 25 bps reduction. The CME FedWatch Tool indicates that the likelihood of a 50 bps cut in November has risen to 61% from 39% a week earlier.

Investors are also anticipating the release of the US Personal Consumption Expenditure (PCE) Price Index data for August on Friday, with core PCE inflation expected to rise to 2.7%, up from 2.6% in July.

Related Topics:

  • Current CHF Exchange Rate: 10000 CHF in EUR
  • Current CHF Exchange Rate: 500 CHF in PLN
  • Current CHF Exchange Rate: 1000 CHF in GBP
Tags: eekinflationinterest ratesitlSwiss National Bank
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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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