SNB on hold, but set to renew currency interventions

The Swiss National Bank’s decision to leave policy on hold came as no surprise as easing Brexit fears and the ECB’s inaction have led upward pressure on the franc to abate. But the SNB made clear that itwill renew its currency interventions if needed. With the ECB set to loosen policy further, we expect the SNB to intervene later this year and cut its deposit rate to -1.0% in the first half of 2017.

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