Markets go cuckoo as the Swiss clock a half percent hike
b'Friday 17th June 2022The positive reaction to yesterday\\u2019s FOMC market was short lived, with a much softer US dollar this morning and big falls in equity markets. NAB\\u2019s David de Garis says some of the uncertainty comes from a surprise decision by the Swiss National Bank to lift interest rates for the first time in 17 years \\u2013 and not by a little bit, but by 50 basis points. It\\u2019s unsettling for those who assumed they\\u2019d wait for the ECB before reacting. By comparison, the Bank of England went for a 25 basis point rise, exactly as expected, but suggesting they will act forcefully, in necessary. Just not yet. Data overnight was largely second tier, but none of it was particularly encouraging. We also take a quick look at yesterday\\u2019s Australian employment numbers too.
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