-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessCHF Surges Following SNB Hike, USD Index Slides Over 1.5%
- The significant march higher in US yields during early trade on Thursday was entirely reversed throughout the US session, weighing substantially on the greenback. The USD index has retreated the best part of 1.5%, extending on the prior day’s minor pullback after the June FOMC decision.
- The Swiss Franc surged on Thursday against all G10 ccys to be the best performer globally following the SNB rate decision. The Bank surprised markets by raising rates by 50bps to -0.25%, a move markets had seen the SNB waiting until September to execute.
- The late dollar weakness has exacerbated the price action in USDCHF, which looks set to post losses of close to 3% on the day. USDCHF had been on a one-way mission throughout June, grinding from around 0.9550 all the way to yesterday’s high print of 1.0050. The SNB move, considerable weakness in major equity indices sparking safe haven flows and the greenback turnaround has seen the pair reverse almost the entirety of the June upswing in two swift sessions. The May lows at 0.9545 are the short-term point of focus.
- Bank of England also prompted GBP volatility. With markets pricing in a small chance of a larger than consensus rate hike, the 25bp increase initially weighed on GBP. Following the new hardened guidance however, sterling weakness was short-lived and cable forcefully reversed course to rise around 3% from worst levels and probe the 1.2400 handle.
- The other notable performers amid the USD weakness were NZD (1.64%) and the single currency. EURUSD (+1.45%) remained bid all session long and remains pinned to the highs approaching the APAC crossover following ECB’s Lagarde reportedly outlining triggers (limit on bond spreads) for the central bank’s new anti-fragmentation tool. Initial resistance is being tested at 1.0596, the 20-day EMA, however, the key channel top, currently intersecting at 1.0698 remains in focus.
- Bank of Japan is the main risk event overnight before Fed Chair Powell speaks on Friday, due to deliver welcoming remarks at the Inaugural Conference on the International Roles of the US Dollar, in Washington DC.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.