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The Swiss franc is probably more expensive than ever against the euro. By Wednesday afternoon the euro had fallen below 0.94 francs against the franc, costing 0.93525 francs at its low in the early evening.
This is a record low, according to market observers: “The euro may have fallen further when the minimum exchange rate was removed in January 2015. However, it is very unclear whether money is paid for such a course. “I don’t think we’ve ever been this low since the euro was introduced,” one trader told AWP news agency.
The US dollar also decreased significantly against the franc, falling to 0.8408 francs. This is the lowest level since the minimum exchange rate for the euro was abolished in January 2015. That morning the dollar cost 0.8550 francs, which is much more.
The dollar also fell significantly against the euro on Wednesday. The reason for the weakening of the dollar continues to be interest rate expectations. This means market participants are assuming the US Federal Reserve will cut interest rates quickly and sharply next year.
The dollar has been in a downward trend since mid-December. At that time, the US Federal Reserve’s forecasts showed that a sharper interest rate cut was expected in the new year than the previous one. The market currently assumes that the Fed will cut interest rates particularly quickly and significantly in 2024 relative to other major central banks. (SDA/wgr)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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