Nasdaq Closes At More Than 0.7 Loss, Potentially Hawkish SNB Offers Swiss Franc Support
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Summary:
- Swiss Franc holding its position against the Euro
- Worries of economic slowdown weigh on IXIC index
Nasdaq Loses On Wednesday
The Nasdaq closed in the red on Wednesday over worries of an economic slowdown and what higher inflation might mean for the financial markets.The market seems to constantly be awaiting new information and the likelihood of this trend continuing until July is strengthening.
July will be the next earnings season, where the market will gauge the earnings reports based on how companies are performing under the current economic conditions.
IXIC Price Chart
Swiss Franc supported by potential for hawkish SNB
The Swiss Franc has recovered against the US Dollar in comparison to the lows experienced by the USD/CHF currency pair in mid-May, at a time when the US Dollar was at its strongest. The Swiss Franc’s recovery comes in the wake of market expectations of a more hawkish Swiss National Bank (SNB). These hawkish expectations come from indications from policy makers that the SNB will increase its interest rates for the first time since the 2008 financial crisis.
Sources: finance.yahoo.com, poundsterlinglive.com
