Anna 
In a significant turn of events, most Asian currencies experienced notable declines on Friday, succumbing to pressure from a resurgent dollar following an unexpected interest rate cut by the Swiss National Bank (SNB). The move by the SNB prompted currency traders to shift their focus decisively towards the greenback.
During Asian trade, the dollar surged to a three-week high, continuing its robust rebound from Thursday’s session, wherein the SNB’s rate cut led traders to largely overlook indications of potential interest rate cuts from the Federal Reserve.
The dollar index and dollar index futures recorded gains of 0.8% and 0.2%, respectively, during Asian trading on Thursday. These substantial upticks in the dollar indices signaled a surge in immediate demand for the US currency.
Thursday’s unexpected rate cut by the SNB marked a pivotal moment, making it the first major central bank to take such action following an extended period of rate hikes in response to the COVID-19 pandemic. Consequently, the dollar emerged as the sole low-risk, high-yielding currency in the interim.
