Swiss National Bank cuts rate to support exporters; BoE statement hints at future rate cut

From Investing.com: 2024-06-21 02:22:00

The Swiss National Bank (SNB) cut its rate by 25bp despite an uptick in inflation, aiming to support Swiss exporters and families with mortgages. The market responded positively, with the franc rallying above the 0.95 level and equities gaining 0.56%. In the UK, the more dovish Bank of England statement boosted markets, with Cable rising to 1.2654. Oil prices and a successful French bond sale contributed to European stocks rising. US stocks did not follow European gains, with building permits and Philadelphia Fed’s manufacturing index disappointing investors. The tech rally may be seen as overstretched, with a possible pause in sight. Today, $5.5 trillion of index futures, options, and ETFs will expire simultaneously, adding potential for market movements. In FX, the USD strengthened, with the JPY weakening against the dollar.



Read more at Investing.com: Swiss Rate Cut Spurs Euro-Franc Surge; BoE Statement Revives Rate Cut Expectations