Last week, the Swiss National Bank (SNB) announced a 25 bps rate cut, bringing it down to 1.50%. Investors had anticipated that the SNB would maintain its interest rate, making it the first among developed central banks to start reducing interest rates.

The US Dollar Index (DXY) decreased as the Federal Reserve policymakers expressed confidence that underlying inflationary pressures were easing, despite inflation remaining elevated in January and February.

Rising home rental costs have significantly contributed to inflationary pressures in the United States. However, policymakers are confident that inflation will decrease to 2%. Additionally, Austan Goolsbee, the chairman of the Federal Reserve Bank of Chicago, expressed certainty that inflation would return to its target level.