In the afternoon, the US dollar traded at 0.8675 francs, up from 88 cents the night before. The last time the US dollar fell this low was in 2015 after the Swiss National Bank raised the bottom of the euro.
The euro also rose against the dollar, rising to $1.11 on Wednesday afternoon. This is the highest level since March 2022. And on Tuesday evening, the euro was still around $1.10.
An unexpectedly sharp decline in US inflation dampened speculation that interest rates in the US would continue to rise. While the dollar was pressured by the prospect of a slowdown in rate hikes, other major currencies benefited.
In June, the US inflation rate fell to 3 percent from 4.0 percent in May. Core inflation, which excludes volatile energy and food prices, also fell significantly. Economists still expect the US interest rate to rise by 0.25 percentage point at the end of July. However, expectations of further increases thereafter have dimmed. You can read here how the dollar exchange rate can develop
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