BREAKING: SNB hikes rates by 75 basis points

The Swiss National Bank announced its monetary policy decision at 8:30 am BST. SNB delivered a 75 basis point rate hike - in-line with market expectations. This means that the main Swiss rate moved out of the negative territory and now sits at 0.50%. SNB warned that it cannot exclude more rate hikes in the foreseeable future. Bank expects inflation to slow to 2.4% in 2023 and return to 2% in the second quarter of 2025.

In spite of a rather hawkish decision, Swiss franc took a hit. EURCHF leaped higher and tested 0.9580 resistance zone, marked with previous price reactions and 50-hour moving average (green line).

Source: xStation5