The Swiss franc fell on Thursday after the Swiss National Bank (SNB) hiked its benchmark interest rate, while the Norwegian crown surged after a bolder Norges Bank move.
its benchmark interest rate by 25 basis points to 1.75%, defying some market expectations of a bigger increase.
"With today's interest rate hikes, the key rate and the inflation rate are converging. An interest rate hike of 50 basis points was therefore not necessary," he added. In an attempt to curb inflation, Norges Bank raised interest rates to 3.75%, sending the crown more than 1% higher both against the euro and dollar.
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