MNI Swiss National Bank Preview:................>

SNB: MNI Swiss National Bank Preview:

https://emedia.marketnews.com/marketnewsintl/MNISNBPrevJun20.pdf

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Jordan to keep combative stance, to stress SNB wary of renewed CHF strength

- Following March's decision to keep rates at -0.75%, the Bank were quick to

make clear that they still have room to manoeuvre on interest rates. But, it's

clear that their current suite of tools has succeeded in containing financial

market fragmentation. As such, the Bank will likely reaffirm their vigilance

this quarter, stressing that the CHF is "even more highly valued", but decline

to cut rates or expand their current toolkit amid a calmer market outlook.

- All analysts surveyed see no change in rates, with the SNB to continue to lean

heavily on FX intervention to influence domestic financial conditions.

- Among those who address it directly, all analysts expect the SNB to reiterate

March's missive that the CHF is "even more highly valued".

- A minority see further rate cuts down the line, but conditional on either the

ECB cutting the rates, or a renewed flare up of financial market stress.