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In another instance of aggressive policymaking, the Swiss National Bank slashed its key benchmark interest rate by 100bp in a surprise decision earlier today.
By reducing its three-month Libor target rate to 1.0%, the SNB will “provide the Swiss Franc money market generous and flexible supply of liquidity.” The swift move comes amid efforts by central banks like the RBA and RBNZ to side-step the affect of global recessionary conditions on the domestic economy. Swiss retail sales broke through forecasts and posted a 6.4% annualized increase in September alone. Projections called for a mere 0.8% increase.
The announcement sent the U.S. Dollar up 0.6% in the minutes immediately following the decision.
USDCHF traded through 1.2231 at 17:43 EST.
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