The Swiss National Bank (SNB) board members decided to cut the benchmark Sight Deposit Rate by 25 basis points (bps) from 1.50% to 1.25%, following its quarterly monetary policy assessment on Thursday.
The decision came in line with the market expectations.
The SNB announced a surprise 25 bps rate reduction in March to 1.50%, which made it the first major central bank to dial back tighter monetary policy.
Summary of the SNB policy statement
Momentum on the mortgage and real estate markets in recent quarters has been weaker than in previous years.
Also willing to be active in the foreign exchange market as necessary.
The utilisation of overall production capacity was normal.
A renewed increase in geopolitical tensions could result in weaker development of global economic activity.
Able to maintain appropriate monetary conditions.
Will adjust its monetary policy if necessary to ensure inflation remains within the range consistent with price stability over the medium term.
Monetary policy remains restrictive in manycountries.
Inflation in Switzerland is currently being driven above all by higher prices for domestic services.
Global economic growth was solid in the first quarter of 2024.
The forecast for Switzerland, as for the global economy, is subject to significant uncertainty.developments abroad represent the main risk.
SNB sees 2025 inflation at 1.1% (previous forecast was for 1.2%) (removes extraneous letters).
SNB sees 2024 swiss growth at around 1% (previous forecast was for around 1.0%).
SNB sees Q1 2027 inflation at 1.0%.
SNB sees 2024 inflation at 1.3% (previous forecast was for 1.4%).
SNB sees 2026 inflation at 1.0% (previous forecast was for 1.1%).
Market reaction to the SNB interest rate decision
In a knee-jerk reaction to the expected SNB rate cut decision, the USD/CHF pair jumped over 50 pips to test 0.8900, where it now wavers. The pair is up 0.53% on the day.
Swiss Franc PRICE Today
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the weakest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | 0.06% | 0.05% | 0.01% | -0.05% | -0.06% | 0.44% | |
| EUR | -0.07% | -0.01% | 0.00% | -0.06% | -0.12% | -0.14% | 0.37% | |
| GBP | -0.06% | 0.01% | 0.02% | -0.04% | -0.10% | -0.13% | 0.37% | |
| JPY | -0.05% | 0.00% | -0.02% | -0.09% | -0.10% | -0.16% | 0.37% | |
| CAD | -0.01% | 0.06% | 0.04% | 0.09% | -0.07% | -0.08% | 0.43% | |
| AUD | 0.05% | 0.12% | 0.10% | 0.10% | 0.07% | -0.02% | 0.49% | |
| NZD | 0.06% | 0.14% | 0.13% | 0.16% | 0.08% | 0.02% | 0.50% | |
| CHF | -0.44% | -0.37% | -0.37% | -0.37% | -0.43% | -0.49% | -0.50% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to strong gains near 1.1100 despite upbeat US data
EUR/USD trades at its highest level since early October slightly above 1.1100 in the second half of the day on Thursday. Despite the upbeat Jobless Claims data from the US, the US Dollar (USD) stays under persistent selling pressure as the Trump administration's tariff announcements feed into stagflation fears.
GBP/USD extends rally, closes in on 1.3200
GBP/USD preserves its bullish momentum and advances toward 1.3200 in the American session. The US Dollar (USD) struggles to find demand despite the better-than-expected Initial Jobless Claims data, as investors grow increasingly worried about an economic downturn on the new trade regime.
Gold slumps below $3,100 as correction from record-high picks up steam
Gold's correction from the all-time peak set at $3,167 deepens after the drop below the $3,100 mark. The precious metal struggles to capitalize on risk-aversion after US President Donald Trump's tariff decisions as investors assess a potentially worsening demand outlook.
SOL is the winner as Solana chain turns into battleground for meme coin launchpad and DEX
Solana (SOL) gains nearly 2% in the last 24 hours and trades at 118.28 at the time of writing on Thursday. A Decentralized Exchange (DEX) and a meme coin launchpad built on the Solana blockchain have waged a war for users and compete for the trade volume on the chain.
Trump’s “Liberation Day” tariffs on the way
United States (US) President Donald Trump’s self-styled “Liberation Day” has finally arrived. After four straight failures to kick off Donald Trump’s “day one” tariffs that were supposed to be implemented when President Trump assumed office 72 days ago, Trump’s team is slated to finally unveil a sweeping, lopsided package of “reciprocal” tariffs.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.