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CHF Outperforms Following CPI, Credit Suisse Adjust Rate Forecasts

SWITZERLAND
  • Despite the single currency’s outperformance on Monday, EURCHF sits slightly lower on the session following the above-estimate inflation data released earlier today. In similar vein, the Swiss Franc is the best performing G10 ccy against the greenback, rising 0.42% approaching the APAC crossover.
  • Following the data Credit Suisse have adjusted their forecasts for both the March and June SNB decisions. They now expect the Swiss National Bank to increase borrowing costs by 75bps when it meets later this month.
  • “February’s inflation reading is much higher than we expected,” said a CS economist. “The SNB must further tighten its monetary policy, stronger than what has been expected so far.”
  • Credit Suisse now anticipates another half-point hike at the June rate decision as well. Both forecast adjustments represent a 25bp increase for each meeting compared to prior forecasts.
  • Following the stalled momentum above the 1.00 mark for EURCHF, attention may now turn to the February lows around 0.9847 as we approach the central bank’s next meeting on March 23.
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