USD/CHF climbed to a 16-month high on Thursday after the Swiss National Bank kept its policy rate at 0%, leaving the Swiss Franc weaker. The pair was trading near 0.8275, up 0.27% on the day, supported by a firmer US Dollar as markets priced in additional Federal Reserve tightening. The SNB reiterated that policy remains appropriate to keep inflation within its mandate of less than 2% per annum, even as its inflation projection was raised slightly due to higher oil-product prices; projections still sit below 1% across the forecast horizon. The bank also pushed back against market expectations of 50 to 75 bps of hikes over the next 12 months.
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