- Swiss Franc weakens as SNB cuts rates from 1.50% to 1.25%, with potential for another cut in September.
- USD/CHF jumps from 0.8833 to 0.8911, breaking through a key resistance level following the rate cut.
- Softer US jobless claims and deteriorating housing data increase speculation of Fed rate cuts in 2024.
The Swiss franc extended its losses on Thursday after the Swiss National Bank (SNB) decided to cut rates for the second time this year, reducing rates from 1.50% to 1.25% during the European session. He USD/CHF is trading at 0.8911, up 0.83%.
USD/CHF jumped above 0.8900 after the Swiss National Bank cut rates to 1.25%, hinting at further easing
According to Reuters, the SNB looks likely to follow Thursday’s second consecutive rate cut in September. SNB President Thomas Jordan said the CHF has strengthened significantly in recent weeks, adding that the central bank is ready to intervene in the currency market.
If the SNB wants to prevent the Franc from appreciating, it could cut rates in September rather than intervene and sell Francs on the markets.
USD/CHF rose from around 0.8833 to 0.8911 in the first two hours after the SNB cut and broke a key resistance level.
Aside from this, the latest US initial jobless claims report showed that more people than expected filed for unemployment benefits, highlighting that the labor market is cooling. With US housing deteriorating further, traders’ hopes remained high, and the Federal Reserve could cut rates at least twice.
Swiss Franc PRICE Today
The table below shows the percentage change of the Swiss Franc (CHF) against major currencies today. Swiss Franc was the strongest currency against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.35% | 0.45% | 0.49% | -0.15% | 0.23% | 0.16% | 0.80% | |
| EUR | -0.35% | 0.09% | 0.17% | -0.50% | -0.12% | -0.20% | 0.42% | |
| GBP | -0.45% | -0.09% | 0.06% | -0.58% | -0.20% | -0.29% | 0.33% | |
| JPY | -0.49% | -0.17% | -0.06% | -0.69% | -0.27% | -0.36% | 0.27% | |
| CAD | 0.15% | 0.50% | 0.58% | 0.69% | 0.37% | 0.31% | 0.92% | |
| AUD | -0.23% | 0.12% | 0.20% | 0.27% | -0.37% | -0.08% | 0.55% | |
| NZD | -0.16% | 0.20% | 0.29% | 0.36% | -0.31% | 0.08% | 0.62% | |
| CHF | -0.80% | -0.42% | -0.33% | -0.27% | -0.92% | -0.55% | -0.62% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent CHF (base)/USD (quote).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
