Forex Market Update

The Swiss franc extended its losses against the dollar and the euro Thursday after the Swiss National Bank said it plans to lower its overnight interest rate to -0.25% in an effort to weaken the franc.

The dollar USDCHF, +0.08%  fetched as much 0.985 franc before retreating back to 0.98. It traded at 0.974 franc on Wednesday, according to FactSet data. Meanwhile, the euro EURCHF, +0.07%  traded as high as 1.210 Swiss francs, up from 1.021 francs on Wednesday. It has since moved lower to trade at 1.204 francs.

The dollar traded lower against the ruble for a second consecutive session Thursday USDRUB, -1.48% continuing a broad correction in emerging-market currencies after two weeks of losses.

The euro EURUSD, -0.02% traded at $1.23 on Thursday compared with $1.235 on Wednesday.

The ICE U.S. Dollar Index DXY, +0.03% a measure of the greenback’s strength against a trade-weighted basket of six rivals, was up 0.10% at 89.2250.