SNB brings back zero rates in June monetary policy decision, as expected ...Middle East

Prior 0.25%Prepared to intervene in FX market as neededEconomic outlook for Switzerland remains uncertainGlobal economic outlook for coming quarters has deteriorated due to increased trade tensionsInflationary pressure has decreased compared to the previous quarterWill continue to monitor the situation closely and adjust its monetary policy if necessaryRemains willing to be active in the foreign exchange market as necessary2025 GDP seen at around 1.0% to 1.5% (unchanged)2026 GDP seen at around 1.0% to 1.5% (previously 1.5%)2025 CPI seen at 0.2% (previously 0.4%)2026 CPI seen at 0.5% (previously 0.8%)2027 CPI seen at 0.7% (previously 0.8%)Full statement

The decision is as per expected and the lower inflation forecasts will only serve to intensify the debate on negative rates before year-end. The market is pricing in nearly another rate cut before the year is over and done with. And there's nothing here to dissuade that nor really add to it I would say. USD/CHF remains little changed at 0.8195 and EUR/CHF at 0.9400 on the day.

This article was written by Justin Low at www.forexlive.com.

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