Swiss Franc Plummets After SNB Rate Cut, Sterling Weakens Following BoE Hold
Action Insight Mid-Day Report 6-20-24 |
Swiss Franc Plummets After SNB Rate Cut, Sterling Weakens Following BoE Hold |
Swiss Franc is currently the worst performer today, plummeting after SNB delivered a rate cut for the second consecutive meeting. In addition to the rate reduction, SNB lowered its inflation forecast across the board. Nevertheless, Franc's selloff has been relatively restrained. Notably, SNB did not mention the recent sharp appreciation of the Franc in its press release, suggesting that it wasn't a primary driver for the rate cut. Additionally, SNB Chair Thomas Jordan emphasized that currency market interventions could be executed in both directions. This suggests that SNB might tolerate further appreciation of the Franc for now, especially if driven by political instability in the EU.... |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2695; (P) 1.2717; (R1) 1.2742; More... GBP/USD weakens after rejection by 55 4H EMA but stays above 1.2656 temporary low. Intraday bias remains neutral first. While another recovery cannot be ruled out, risk will stay on the downside as long as 1.2859 resistance holds. Firm break of 1.2633 resistance turned support will argue that whole rise from 1.2298 has completed, and target 1.2445 and below. | |
GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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22:45 | NZD | GDP Q/Q Q1 | 0.20% | 0.10% | -0.10% | 01:15 | CNY | 1-y Loan Prime Rate | 3.45% | 3.45% | 3.45% | 01:15 | CNY | 5-y Loan Prime Rate | 3.95% | 3.95% | 3.95% | 06:00 | CHF | Trade Balance (CHF) May | 5.81B | 3.84B | 4.32B | 4.34B | 06:00 | EUR | Germany PPI M/M May | 0.00% | 0.10% | 0.20% | 06:00 | EUR | Germany PPI Y/Y May | -2.20% | -2.00% | -3.30% | 07:30 | CHF | SNB Interest Rate Decision | 1.25% | 1.50% | 1.50% | 08:00 | CHF | SNB Press Conference | 08:00 | EUR | ECB Economic Bulletin | 11:00 | GBP | BoE Interest Rate Decision | 5.25% | 5.25% | 5.25% | 11:00 | GBP | MPC Official Bank Rate Votes | 0--2--7 | 0--2--7 | 0--2--7 | 12:30 | CAD | New Housing Price Index M/M May | 0.20% | 0.20% | 0.20% | 12:30 | USD | Building Permits May | 1.39M | 1.46M | 1.44M | 12:30 | USD | Housing Starts May | 1.28M | 1.38M | 1.36M | 12:30 | USD | Current Account (USD) Q1 | -238B | -206B | -195B | 12:30 | USD | Initial Jobless Claims (Jun 14) | 238K | 240K | 242K | 243K | 12:30 | USD | Philadelphia Fed Survey Jun | 1.3 | 4.5 | 4.5 | 14:00 | EUR | Eurozone Consumer Confidence Jun P | -14 | -14 | 15:00 | USD | Crude Oil Inventories | -2.8M | 3.7M |
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