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SARON Futures A Little Lower On European CPI Data, Local Trade Body Adds To Pressure On SNB

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Comments from Swiss industry group Swissmem point to the need for a weaker CHF and add to the calls for SNB rate cuts (although the groups reliance on exports is noted and will feed into the view).

  • SNB President Jordan previously highlighted the overvaluation of the CHF, with some apparent movement in the SNB’s reaction function opening the door for rate cuts.
  • The SNB’s March meeting is already deemed live, with OIS showing near even odds of a 25bp rate cut.
  • Recent trade sees SARON futures pay more attention to core global FI markets following various European and German regional CPI releases, moving a little lower on the day.
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Comments from Swiss industry group Swissmem point to the need for a weaker CHF and add to the calls for SNB rate cuts (although the groups reliance on exports is noted and will feed into the view).

  • SNB President Jordan previously highlighted the overvaluation of the CHF, with some apparent movement in the SNB’s reaction function opening the door for rate cuts.
  • The SNB’s March meeting is already deemed live, with OIS showing near even odds of a 25bp rate cut.
  • Recent trade sees SARON futures pay more attention to core global FI markets following various European and German regional CPI releases, moving a little lower on the day.