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SNB Interest Rate Decision, March 2025

The Swiss National Bank lowered the SNB policy rate 25 bp to 0.25% on March 20, 2025, as expected.

Decision0.25%▼ cut −25 bp
Against expectedAs expectedexpected 0.25%
Previous0.50%SNB policy rate
USD/CHF one hour later +46 pips from the last price before
The result

What the SNB decided in March 2025

The move −25 bp Cut 25 bp to 0.25%, from 0.50%.
Against expected No surprise Economists expected: cut 25 bp to 0.25%. The decision was as expected.
Timing 9:30 AM Zurich Thursday, March 20, 2025; press conference at 10:00 AM Zurich.
What price did

USD/CHF after the SNB decision, minute by minute

One-minute candles, Zurich time. The box is the hour before the announcement. How we measure.

USD/CHF one-minute chart around the Swiss National Bank decision of Mar 20, 2025 The hour before the 09:30 announcement ranged 14 pips. The first spike went above it by 50 pips, and did not close back inside within the hour. 0.876 0.878 0.880 0.882 08:30 09:00 09:30 10:00 10:30 11:00 THE HOUR BEFORE SNB 09:30 PRESS CONF. Spike 0.88272 · 50 pips past the hour's high
  1. The hour beforeUSD/CHF ranged 14 pips, from 0.87632 to 0.87771, and was at 0.87759 at the announcement.
  2. The first spike After 0 minutes price went through the hour's high and ran 50 pips past it.
  3. The close back No five-minute candle closed back inside the range within the hour: the first move held.
  4. The other side Not measured: it needs a close back first.
  5. The moves From the last price before the announcement: +36 pips at 15 minutes, +46 pips at one hour, +50 pips at four hours.
For context

Across 7 measured SNB decisions since January 2025, the first spike closed back inside the hour-before range within 60 minutes in 4 (57%), and in 1 of those price then took the other side within four hours. In the other 3 the first move held. Median move in the first 15 minutes: 17 pips.

This decision is one where the first move held. Counts include the decisions where it did not close back. All SNB dates · SNB overview.

← Previous decisionSNB, December 2024Cut 50 bp to 0.50%
Next decision →SNB, June 2025Thu, Jun 19, 9:30 AM Zurich
Questions

SNB March 2025 decision: questions

What time was the SNB interest rate decision on Mar 20, 2025?

It was announced at 9:30 AM Zurich (4:30 AM EDT New York, 8:30 AM London London), with the press conference at 10:00 AM Zurich.

What did the SNB decide in March 2025?

Cut 25 bp to 0.25% (previous 0.50%). Economists expected: cut 25 bp to 0.25%, so the decision was as expected.

How did USD/CHF react to the SNB decision in March 2025?

On one-minute candles: the hour before ranged 14 pips; the first spike went above it by 50 pips; it did not close back inside within the hour; after one hour USD/CHF was +46 pips from its pre-announcement price.

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