The Swiss National Bank’s press conference landed at 08:00 UTC on 24 September, and the franc firmed across most crosses in the 30 minutes that followed. CHFJPY led the move, rising 0.1% to 191.401.
Where the franc moved
CHFJPY was the standout, climbing from 191.209 to 191.401 (+0.1%) as the franc gained on the yen.
Against the risk currencies the franc also firmed: AUDCHF eased from 0.58241 to 0.58193 (-0.082%) and NZDCHF slipped from 0.46986 to 0.46950 (-0.078%).
The European crosses moved in step. GBPCHF dipped from 1.09603 to 1.09529 (-0.068%) and EURCHF edged from 0.94269 to 0.94205 (-0.068%), both marking modest franc strength.
USDCHF was the exception, barely changed from 0.82743 to 0.82754 (+0.013%) β a fractional softening of the franc against the dollar.
What the reaction shows
The reaction concentrated in the yen cross, where CHFJPY posted the only gain of note, while the franc’s advances against the pound, euro, Aussie and kiwi clustered tightly between -0.068% and -0.082%.
Against the dollar the pair was effectively flat, leaving the franc’s move uneven rather than uniformly broad. Overall the response was modest, with no cross traveling more than a tenth of a percent.
Descriptive market news from the ForexBullion Research Team. Not investment advice.
