Swiss franc overvalued

• Thursday was a strong day for the Swiss currency as it strengthened its positions against both the euro and the US dollar. This was largely due to the Swiss National Bank deciding to hold its interest rates and deposits unchanged. The official statement said the Swiss franc remains significantly overvalued and therefore interest rates must remain in the negative. Despite this, the central bank gave an indication that they would remain active in the foreign exchange market.
• It was a tough day for the Australian dollar on Thursday as it dropped over 1% against its strong US rival. This came as the US dollar recovered from news that the US will hold interest rates for a longer period of time.

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