|Day's range||0.9026 - 0.9062|
|52-week range||0.8820 - 1.0147|
Artificial Intelligence (AI) has been a hot topic in the world of trading for decades. Will AI ever be able to outperform humans in making potentially profitable decisions?
The debate over the debt ceiling in Washington continues to wear on as the supposed default deadline, or ‘x-date,’ inches closer each day.
This article evaluates the possible continuing impact of the data on expectations for monetary policy and two key charts of the week, USDCAD and USDCHF
LONDON (Reuters) -The Swiss franc hasn't lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland's bullion vaults than to its currency. Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse by UBS. The Swissie, often used as a refuge in times of market stress or volatility, lost 0.9% against the dollar in the week after the Swiss finance department said regulators were closely monitoring the situation at Credit Suisse on March 13.
It’s all happening for investors and traders this week, with a plethora of significant news releases out around the world.
Although the pound has quickly recovered from its record lows, trading back above $1.2000, it will need to hold above this level to gain investor confidence going into the new year.
The Swiss National Bank's foreign exchange reserves rose in October, central bank data showed on Monday, as the Swiss franc's depreciation helped reverse a sharp drop in September. The SNB held 817.16 billion Swiss francs ($821.27 billion) in foreign currencies at the end of October, compared with 806.11 billion francs in September, revised from an originally reported 807.13 billion francs. The SNB declined to comment on the change.
Bitcoin ended a dismal September holding over $19K, but will it assume its long-promised role as a safe haven as macroeconomic storm clouds gather over Credit Suisse?
The U.S. dollar edged lower in early European trade Tuesday, moving close to a one-week low, as traders eased expectations that the U.S. Federal Reserve will hike by a full percentage point this month. The dollar has been gradually retreating from its multi-year high as expectations of a super-sized tightening by the Fed at the end of July have been reined in, especially after two of the most hawkish FOMC members – James Bullard and Chris Waller – said that their base case was still a 75 basis point move. “We doubt that between now and the 27 July FOMC meeting, markets will seriously reconsider a 100bp increase; first, because the Committee has entered its blackout period, and there are therefore no speakers until next week and second, because the U.S .data flow is set to be mostly second-tier this week,” said analysts at ING, in a note.
LONDON (Reuters) -Switzerland's franc soared on Thursday after the Swiss National Bank took markets by surprise with a large interest rate hike, putting the currency on track for its biggest one-day rise against the euro in more than seven years. The central bank had broadly been expected to stand pat on a -0.75% interest rate that was the lowest in any major developed country, though some banks had suggested a quarter-point was possible. Instead, the SNB increased its policy rate to -0.25% from the -0.75% level it has deployed since 2015.
The Swiss franc soared against the dollar and the euro on Thursday after the Swiss National Bank delivered a surprise interest rate hike, while the British pound rose after the Bank of England delivered a rate hike of its own. The SNB joined other central banks in tightening monetary policy in its first rate hike in 15 years, increasing its policy rate to -0.25% from the -0.75% it has deployed since 2015. The move put the Swiss franc on pace for its largest daily jump against the euro since the SNB ditched its currency peg in 2015, with the common currency tumbling 1.9% to 1.019 francs, a 2-month low.