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Rates Unchanged, Focus on Wording Tweaks

SNB
  • SNB keep headline policy rates unchanged, as expected, at 1.75% and reiterate their stance of being prepared to intervene in currency markets if needed.
  • On inflation, they note that inflationary pressure has decreased slightly, seeing this year's CPI at 2.1%, 2024 at 1.9% and 2025 at 1.6%.
  • They tweak the language toward the CHF, noting that only that "The SNB is also willing to be active in the foreign exchange market as necessary." They drop the reference to selling FX, removing the phrase "the focus is on selling foreign currency."
  • EUR/CHF undergoes a short spell of volatility on the decision, but eventually settles unchanged relative to pre-decision levels.
  • Some EUR/CHF downside initially as the Bank make tweaks to FX language (removing: "the focus is on selling foreign currency."), prompting a 0.9461 print, but the moves are swiftly corrected and cross back to either side of 0.9500.
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