Dollar Hits Two-Month High; Focus on Swiss National Bank and U.S. Economic Indicators
24.09.2026
- Swiss National Bank Policy Rate
- U.S. Initial Unemployment Insurance Claims
In the U.S. currency market on the previous business day, the U.S. dollar rose against the backdrop of strong U.S. economic sentiment and rising long-term interest rates.The Dollar Index rose to its highest level in about two months, and the yield on the 10-year U.S. Treasury note also climbed to around 5.10%. The market now sees a roughly 70% probability of an additional rate hike in October, and the Dollar Index is holding firm around 101 today.Although the dollar-yen pair is trading in the range from the upper 157-yen level to around 158 yen, the yen is being bought back at higher levels due to market caution regarding potential currency intervention by Japanese authorities.
Among European currencies, against the backdrop of a strong dollar, the euro has fallen to around $1.14 and the pound to the $1.32 range. The Swiss National Bank is set to announce its policy rate today, and the market expects it to remain unchanged at 0.00%.Inflation in Switzerland remains at a relatively low level, and there is a strong consensus that the SNB will maintain its policy rate even as major economies lean toward further rate hikes. Even if there is no policy change, any indication of future inflation outlook or the authorities’ assessment of the Swiss franc is likely to provide trading catalysts for the franc and other European currencies such as the euro.
Today, in addition to Germany’s September IFO Business Climate Index, the U.S. will release initial jobless claims and the current account balance for the April–June quarter. The IFO Business Climate Index is expected to show a slight improvement to 89.0 from the previous reading of 88.8.Meanwhile, U.S. initial jobless claims are expected to rise to 200,000. If the strength of the U.S. economy is reaffirmed, the dollar is likely to continue strengthening; however, if employment data deteriorates more than expected, the rapidly rising expectations for additional interest rate hikes could be revised downward. We will be monitoring the reaction of U.S. interest rates and the dollar closely.
Author: Keisuke Sakurai
