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CHF Slides on Rate Cut, Dovish Inflation Observations

SNB
SNBCentral Bank NewsFixed Income BulletsSwitzerlandCEEMEAMarketsStoryForeign Exchange Bullets

EUR/CHF snaps higher on the rate cut - prices rallies to new daily highs at 0.9580 (and inching higher at typing) as market prices out the partial probability of a hold today. USD/CHF again gravitates back toward that 200-dma of 0.8814 - rates remain inside their weekly ranges, however.

  • SNB leaves FX communications materially unchanged but refers to inflation downside risks in its press statement ("given the low inflationary pressure and the heightened downside risks to inflation") - which adds a dovish tilt to the rate decision.
  • Focus turns on the governing council introductory remarks (which can give some colour on policy on top of the press statement, to be released at 09:00 GMT) and then on the press conference - a key question there would be on Schlegel's views if we've reached terminal or if further cuts may follow, and the base case answer to that should be that the SNB sticks to their meeting-by-meeting approach - any deviation here or a more precise outlook, taking into consideration the "low inflation presser" from the press statement could draw market focus.
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EUR/CHF snaps higher on the rate cut - prices rallies to new daily highs at 0.9580 (and inching higher at typing) as market prices out the partial probability of a hold today. USD/CHF again gravitates back toward that 200-dma of 0.8814 - rates remain inside their weekly ranges, however.

  • SNB leaves FX communications materially unchanged but refers to inflation downside risks in its press statement ("given the low inflationary pressure and the heightened downside risks to inflation") - which adds a dovish tilt to the rate decision.
  • Focus turns on the governing council introductory remarks (which can give some colour on policy on top of the press statement, to be released at 09:00 GMT) and then on the press conference - a key question there would be on Schlegel's views if we've reached terminal or if further cuts may follow, and the base case answer to that should be that the SNB sticks to their meeting-by-meeting approach - any deviation here or a more precise outlook, taking into consideration the "low inflation presser" from the press statement could draw market focus.