For the SNB today, and as with the Bank of England, there is no change in policy expected to be announced
- Announcement due at 0730GMT
- No press conference after
- Expectations are (pretty much unanimous, just like with the BoE) the deposit rate will be left unchanged
- The SNB have been very active interventionist in the CHF market, and it is also expected they will reaffirm commitment to continue
Let me digress for a moment here from the 'no change' unanimous view ...
There have been some vague rumours about that the SNB may make a surprise announcement today. These have been about on Twitter.
And you know anonymously spread, 140 character rumours are always awesome .... right (I jest).
Just something to be aware of, but I reckon on balance the strong likelihood is nothing
OK, back to business ...
- Last week the ECB didn't change policy.
- This meant no new pressures on the EUR/CHF exchange rate from ECB changes
- A key point of focus for the SNB is the exchange rate, the 'no change' from the ECB thus reduces the chance of any move from the SNB.
- A further lowering of the SNB deposit rate cannot be ruled out in the future, but it would seem these will come if the (or when) the ECB move again.
More previews of Bank of England and Swiss National Bank, this from Kathy Lien: