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MNI STATE OF PLAY: SNB Seen Holding For Now Despite ECB Moves

(MNI) London

The SNB is likely to wait until September before increasing rates from -0.75%.

The Swiss National Bank is expected to increase inflation forecasts but keep rates on hold at this week’s meeting, even as speculation builds that it will soon have to tighten for the first time in 15 years as the European Central Bank readies its own hiking cycle.

While the ECB has indicated it will hike by 25bps in July and by at least that amount again two months later, the SNB is unlikely to increase its policy rate from -0.75% before September, before possibly raising it again in December, with Switzerland’s economy growing by just 0.5% in Q1 and export demand subdued.

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The Swiss National Bank is expected to increase inflation forecasts but keep rates on hold at this week’s meeting, even as speculation builds that it will soon have to tighten for the first time in 15 years as the European Central Bank readies its own hiking cycle.

While the ECB has indicated it will hike by 25bps in July and by at least that amount again two months later, the SNB is unlikely to increase its policy rate from -0.75% before September, before possibly raising it again in December, with Switzerland’s economy growing by just 0.5% in Q1 and export demand subdued.

Keep reading...Show less