The SNB also have their rate decision...>

SWITZERLAND: The SNB also have their rate decision tomorrow (0830GMT). Analysts

at Commerzbank say the SNB is likely to maintain its current monetary policy

stance at its meeting on 15 March. The fact that the Swiss economy grew strongly

again in the final quarter of 2017 will not change this view. After a slight

phase of weakness in February, EUR-CHF has climbed again to 1.17 in the last two

days. From the SNB's point of view, the CHF is therefore no longer overvalued,

but is still at a high level. Consequently, the SNB is likely to reiterate its

readiness to intervene in the foreign exchange market if need be.

- Credit Suisse expect the SNB to keep its policy rate unchanged, in line with

consensus. They don't foresee any meaningfully changes to its statement in

comparison to December. The SNB will also publish its inflation forecast for Q4

2020 (adding a quarter to the inflation profile), which will most likely be

above its definition of price stability, i.e. above 2%, and probably at around

2.2%-2.3%.