The Swiss franc fell sharply following an unexpected interest rate cut by the central bank. The currency fell to its weakest level in over two weeks, reaching 0.9344 per euro.

The franc has stood out this year as one of the top-performing currencies among the G-10, second only to the pound.

The central bank’s decision surpassed the median forecast of a 25 basis point reduction, as reported by a Bloomberg survey. The larger-than-anticipated cut is seen by analysts as a measure to curb the franc’s recent appreciation over the coming months.

Jordan Rochester, head of macro strategy at Mizuho (NYSE:), remarked on the impact of the rate cut, stating, “After today’s decision it’s hard to argue for a stronger CHF.”

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