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Swiss Franc Drops Most Since 2015 as SNB Hike Disappoints Market

  • Some traders were hoping for a bigger interest-rate move
  • SNB says ready to be active both ways in the currency market
Bloomberg business news
SNB's Jordan: Unscheduled Rate Move Requires an `Important' Change
Updated on

The Swiss franc dropped the most since 2015 against the euro after the Swiss National Bank’s 75 basis-point interest-rate hike proved not enough to satisfy traders’ expectations. 

The currency slid more than 2% against the euro following the SNB raising its key rate to 0.5%, as expected by economists. While the SNB said it would consider an unscheduled monetary policy move, President Thomas Jordan told Bloomberg there would be a high bar for such a decision.