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Rapid price action in USD/CHF after SNB cuts OCR to 1%
As expected the Swiss National Bank (SNB) have just delivered a 0.25% cut in their benchmark lending rate. The USD/CHF was above 0.8500 when this news broke and in what looks like a buy the rumour sell the fact type move for the CHF, as the dollar fell back to around 0.8450 upon seeing this news. However, it has since rebounded back above the 0.8500 handle again in what has been some hectic and volatile price action. The SNB have once again repeated their commitment to counter adverse CHF strength. The SNB also outline the prospect for further cuts, if the inflation outlook abates from here on. The USD/CHF is currently trading at 0.8490
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