BREAKING: SNB hikes rates by 50 basis points

Swiss National Bank announced its monetary policy decision at 8:30 am GMT and offered no surprise. Interest rates were increased by 50 basis points with main rate jumping from 0.50 to 1.00%. Such a decision was expected. Swiss franc gained in a knee-jerk move following the announcement but those gains were short-lived. EURCHF quickly recovered and is now trading around 0.3% above pre-announcement levels.

EURCHF jumped above 50- and 200-hour moving averages after SNB hiked rates in-line with expectations. Source: xStation5

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