The biggest movers are the AUD and the NZD which each declining vs the greenback by 0.61%.
It is a holiday in the US today (Juneteenth) and the bond and stock markets are closed along with federal and state offices and banks. There are not economic releases scheduled for the day.
Goods inflation is starting to rise and is expected to increase further due to delayed tariff effects.
Near-term inflation may climb, but it is generally expected to ease—though not guaranteed.
Multiple rate path projections exist, but none are held with strong conviction.
The solid state of the economy gives the Fed room to wait before making further policy moves.
Powell described the overall outlook on tariffs and inflation as more positive and constructive.
The Swiss National Bank (SNB) cut its key policy rate by 25 basis points to 0% in its June decision, as expected, returning to a zero interest rate environment. The SNB cited decreased inflationary pressures and a deteriorating global economic outlook driven by heightened trade tensions. It maintained its GDP forecast for 2025 at 1.0% to 1.5%, while slightly lowering its 2026 outlook to the same range from a prior estimate of 1.5%. Inflation forecasts were also revised downward, with 2025 CPI now seen at 0.2% (from 0.4%) and 2026 at 0.5% (from 0.8%). The bank reiterated its readiness to intervene in foreign exchange markets if needed and signaled that it would continue to closely monitor economic developments, adjusting policy as necessary. The overall tone reflects caution amid persistent uncertainty in both domestic and global conditions.
SNB Chair Schlegel acknowledged that
Switzerland is approaching negative interest rate territory.The cut to 0% aims to counter falling inflationary pressures.
Policymakers highlighted high global uncertainty driven by rising trade tensions.
The 0% rate environment is beginning to pressure bank profitability.
The SNB remains open to all policy options and will adjust as needed.
The BOE meanwhile kept rates unchanged with 3 members opting to ease (6 wanted to keep rates unchanged).
The European stock markets are trading lower across the board:
German DAX -0.51%France's CAC, -0.82%UK's FTSE 100 -0.35%Spain's IMAX -0.60%Italy's FTSE MIB -0.56%crude oil is trading up $1.02 at $74.51. Gold prices are little changed at $3371.21 and Bitcoin is also little changed at $104,770.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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