- SNB Chairman says monetary policy not sufficiently restrictive enough.
- The Swiss Franc soars across the board, EURCHF falls a hundred pips in minutes.
- USDCHF drops to its lowest in three months under 0.9500.
The USDCHF fell sharply to 0.9450, reaching the lowest level since mid-August following comments from the chair of the Swiss National Bank (SNB), Thomas Jordan. The Swiss Franc became the top performer of the American session, with the EURCHF falling a hundred pips to 0.9743, the lowest in a month.
Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, said on Friday the central bank is reading to take all necessary measures to bring inflation back into the range of price stability. He mentioned they have to take action and mentioned monetary policy is not sufficiently restrictive enough.
Jordan’s comments boosted the Swiss Franc. The USDCHF was already lower on the back of the broad-based slide of the US Dollar and tumbled to 0.9450 on his comments. It then rebounded back toward 0.9500.
The pair is about to post a weekly loss of more than 450 pips, extending the reversal after making a double top at 1.0150. The Dollar is suffering the worst weekly performance in months amid expectations of a less aggressive Federal Reserve ahead.
Data released on Thursday showed inflation cooled in the US in October. On Friday, the University of Michigan presented the November Consumer Sentiment report: the Sentiment Index declined from 59.9 to 54.7 while 5-year Inflation expectations rose from 2.9% to 3%.
Technical levels
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