Surprise SNB Rate cut |
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As mentioned on previous post, the Swiss National Bank surprised with a really aggressive 100 basis point cut of the Libor rate. Sending Swiss Franc down against major rivals, particularly against American Dollar, almost at 2 years low, and Euro, where we saw an historical minimum a few weeks ago. the underlying intention of this cut, is clearly pointing to fight recession, that continues spreading it’s wings above all Europe. The SNB also offered additional funds in the money market to increase liquidity after the cut. Regarding Usd/Chf, the pair is addressing to the mentioned key 1.2210 zone, while Eur/Chf, quoting right now @ 1.5290, needs to clearly break above the 1.5360 zone to continue the upside movements in the longer term. I will add a post about the pair in the next minutes.
Filed under: Forex Advisor
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