SNB to maintain a wait-and-see attitude in the future
At its regular quarterly monetary policy meeting in March, the Swiss National Bank (SNB) kept the target range for the three-month Libor unchanged, at between -1.25% and -0.25%, as expected. The interest rate on sight de…
At its regular quarterly monetary policy meeting in March, the Swiss National Bank (SNB) kept the target range for the three-month Libor unchanged, at between -1.25% and -0.25%, as expected. The interest rate on sight deposits at the SNB was kept at -0.75%, and the exemption thresholds remained unchanged.
Deflation risks have increased significantly on the back of the strong CHF and low oil prices.
UniCredit notes its views as follows....
The SNB considers the CHF overvalued and will intervene in the FX market if necessary in order to influence monetary conditions.
The SNB will also take further measures (i.e. cutting the rates further into negative territory) immediately as needed.
We expect the SNB to maintain a wait-and-see attitude in the future unless the pressure on the FX market strengthens and/or price developments become even more negative.
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