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Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
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US Dollar Holds Firm as Fed Outlook and Iran Tensions Keep Markets on Edge 
European Stocks Steady as U.S.-Iran War, Euro Zone Data Keep Investors Cautious 
Japan PM Sanae Takaichi Unveils Growth Plan as BOJ Independence Concerns Lift Bond Yields 
RBI Holds Repo Rate at 5.25% as Inflation Risks and Global Uncertainty Persist 
Chile Central Bank Holds Interest Rate at 4.5% as Inflation and Global Risks Persist 
Fed Holds Interest Rates Steady as Kevin Warsh Says Rising Treasury Yields Tighten Financial Conditions 
BOJ Rate Decision in Focus as Sticky Inflation, Weak Yen Shape USD/JPY and Nikkei Outlook 
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The Swiss National Bank (SNB) significantly reduced its foreign currency interventions in 2024, purchasing just 1.2 billion Swiss francs ($1.36 billion) after selling 132.9 billion francs in 2023. The drastic shift reflects the SNB’s success in controlling inflation, which stood at 1.1% in 2024—well within its target range of 0-2%.
In 2022 and 2023, the SNB actively sold foreign currencies to strengthen the Swiss franc, mitigating the impact of imported inflation. However, following its December 2023 monetary policy review, the central bank shifted focus, signaling an end to large-scale foreign currency sales. This adjustment aligns with the SNB’s broader strategy of stabilizing the economy while ensuring optimal monetary conditions.
With inflation now under control, the SNB’s latest policy direction underscores confidence in the Swiss economy’s resilience. Investors and analysts eagerly await the bank’s next monetary policy decision, scheduled for Thursday.
