USD/CHF floats at 9.5-month low around 0.9250 after Fed’s verdict, SNB eyed – by anilpanchal7 USDCHF SNB Fed RiskAppetite CentralBanks
ary Policy Meeting early Thursday. That said, the Swiss currency pair recently cheered the broad US Dollar weakness to refresh the multi-day low as the Federal Reserve fell short of impressing the Greenback bulls despite mildly hawkish announcements.
Fed delivered the 50 bps rate hike, as expected, and upwardly revised the dot-plot to suggest 5.1% as the terminal rate versus 4.6% shown in September’s Statement of Economic Projections . The US central bank also revised the inflation forecasts towards the north but the growth estimations were cut down for 2023 and 2024.defended his hawkish image while noting that the ultimate level of rates is more important than how fast they go.
Following the Fed announcements, the US equities closed on the negative side but the US Treasury bond yields were down too, which in turn weighed on the USD/CHF prices. Looking forward, USD/CHF traders should keep their eyes on the SNB announcements as the Swiss National Bank is widely expected to unveil a 0.50% rate hike and may sound a bit hawkish.
With this in mind, Citibank signaled, “Strong Franc, slowing Swiss economy, falling energy prices but also the shift in emphasis to balance sheet reduction speak against big rate hikes. However, interest rate differentials are already historically wide and with fewer meetings available, the SNB has to make bigger steps to keep up. We, therefore, expect a 75 bps hike this week.
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