Swiss National Bank's Tschudin: Economic activity in Switzerland is resilient

Dhwani Mehta FXStreet

Swiss National Bank governing board member Petra Tschudin said at the post-monetary policy assessment press conference on Thursday that the “economic activity in Switzerland is resilient, with solid GDP growth in the first quarter.

Key quotes

Talks with companies point to solid economic momentum, but unemployment has risen somewhat.

The main risk to the Swiss economic outlook is the development in the global economy.

Moderate development of global economy is likely to dampen growth in Switzerland in coming quarters.

Growth impetus expected in the medium term.

Upward pressure on the Swiss Franc could increase again.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

160.80: Japanese Yen remains close to nearly two-year lows

USD/JPY inches lower after four days of gains, trading around 160.60 during the Asian hours. The USD/JPY pair surged to 160.80 the previous day, marking its highest level since July 2024 and significantly heightening speculation that Japanese authorities could soon intervene to support the struggling Yen.

AUD/USD eyes 0.7050 on weaker USD; 100-day SMA holds the key for bulls

The AUD/USD pair regains positive traction during the Asian session, reversing part of the previous day's slide to sub-0.7000 levels, or the weekly low. Spot prices currently trade around the 0.7040 region, up nearly 0.40% for the day, amid a broadly weaker US Dollar.

Gold retreats below $4,300 as USD benefits from hawkish Fed

Gold (XAU/USD) stays on the back foot in the European session and trades below $4,300. Although easing tensions in the Middle East help XAU/USD limit its losses, the broad-based USD strength in the Fed aftermath causes bulls to turn hesitant.

Bitcoin slips below $64,000 as hawkish Fed stance weighs on risk appetite

Bitcoin remains under pressure, extending its correction, trading below $64,000. The US Federal Reserve left interest rates unchanged but struck a hawkish tone on Wednesday, dampening the risk sentiment.

Bank Indonesia increases rates by 25 basis points in June: Will it defend the Rupiah?

Bank Indonesia decided to hike the benchmark interest rate by 25 basis points to 5.75% on June 18, from the previous 5.5%. The decision aligned with the market expectations. The Indonesian Rupiah receives support against the US Dollar as an immediate reaction to the BI interest rate decision. The USD/IDR is trading around 17,820.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.