Although the Swiss franc has weakened further over the past three months, we doubt that the Swiss National Bank (SNB) will sound any more relaxed about the exchange rate in its policy statement next week. Admittedly, the ECB’s gradual shift towards policy normalisation that it announced in October has taken some of the upward pressure off the franc. But after moderating its language on the currency in September, the SNB will not want to jeopardise the gradual uptrend in inflation by letting its guard down further.
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