Back
15 Jan 2015
Forex Top Movers: Swiss Franc is the king, but don't forget the US Dollar
FXStreet (San Francisco) - All started with: "The Swiss National Bank (SNB) is discontinuing the minimum exchange rate of CHF 1.20 per euro." Then the market went crazy.
Obviously, the Swiss Franc is the top performer across the market on Thursday. Posting 14.28% gains versus the Japanese Yen; while 13.71% advance against the Euro; 13.13% vs the British Pound; 12.97% vs the USD; and 12.84% against the Canadian Dollar.
The SNB also announced: "At the same time, it is lowering the interest rate on sight deposit account balances that exceed a given exemption threshold by 0.5 percentage points, to −0.75%."
There are opinions that the CHF safe haven has returned. And also experts that are assuming the SNB move is a clear signal that the ECB is about to launch its QE with a bigger size than market expectations.
On the other hand, the US Dollar is also outperforming its major competitors as USD/PLN is rising 2.22%; the EUR/USD is falling 1.32%; the GBP/USD is 0.17% down. However the USD/JPY is dropping 0.53% on the day.
On related markets, stocks are bouncing from lows and currently the DJIA is positive but S&P and Nasdaq are still negative. Gold jumped above 1,260 while the Oil lost all initial gains and it is back to $48.20.
Obviously, the Swiss Franc is the top performer across the market on Thursday. Posting 14.28% gains versus the Japanese Yen; while 13.71% advance against the Euro; 13.13% vs the British Pound; 12.97% vs the USD; and 12.84% against the Canadian Dollar.
The SNB also announced: "At the same time, it is lowering the interest rate on sight deposit account balances that exceed a given exemption threshold by 0.5 percentage points, to −0.75%."
There are opinions that the CHF safe haven has returned. And also experts that are assuming the SNB move is a clear signal that the ECB is about to launch its QE with a bigger size than market expectations.
On the other hand, the US Dollar is also outperforming its major competitors as USD/PLN is rising 2.22%; the EUR/USD is falling 1.32%; the GBP/USD is 0.17% down. However the USD/JPY is dropping 0.53% on the day.
On related markets, stocks are bouncing from lows and currently the DJIA is positive but S&P and Nasdaq are still negative. Gold jumped above 1,260 while the Oil lost all initial gains and it is back to $48.20.