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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SNB
The 25bps SNB rate cut appears to be largely driven by lower inflationary pressures in the mid-term. The inflation forecast was revised lower by around 0.1pp starting in Q2 2025, even though it is now conditional on a lower policy rate of 1.25% - the SNB cites "somewhat lower second-round effects".
- FX communications were unchanged, meanwhile ("The SNB is also willing to be active in the foreign exchange market as necessary.")
- Focus is now on the press conference, to start around 0900 UKT, with potential colour on the drivers behind the lower inflationary pressures in the medium term, as the monetary policy statement provided no details here.
- CHF weakened immediately on the announcement, with EURCHF around 40pips higher, standing at around 0.9535 at the time of writing.
- Link to the press statement: https://www.snb.ch/en/publications/communication/press-releases-restricted/pre_20240620
SNB
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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