FLASH BRIEFSNB preview June 2021: Steady-as-she-goes
By Jeremy Hawkins, Senior European EconomistJune 15, 2021
Little is expected from this quarter’s SNB Monetary Policy Assessment (MPA). Inflation is up since the March MPA, but still much closer to 0 percent than 2 percent and despite appreciating in recent weeks, the Swiss franc remains well below its highs of May last year. That said, the currency might have been a good deal stronger but for significant SNB sales. Consequently, there is a strong market consensus in favour of no change in the central bank’s stance, meaning that the benchmark policy rate should stay pegged at its record low of minus 0.75 percent. With regard to the franc, in March the SNB abandoned its previous description of being “highly valued” but reiterated its willingness to intervene as and when necessary to prevent any unwanted appreciation. A similar outturn seems likely on Thursday.
At currently EUR/CHF1.089, the local...
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- Important Legal Notice: Econoday has attempted to verify the information contained in this calendar. However, any aspect of such info may change without notice. Econoday does not provide investment advice, and does not represent that any of the information or related analysis is accurate or complete at any time.
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