The Swiss National Bank will be the first of the major central banks on the agenda tomorrow
It will be central bank bonanza tomorrow as we have the SNB, BOE, and ECB all lined up. Before that, we have the Fed meeting later today as well (I'll put something up on that later too). But the first on the list tomorrow is the SNB, and here are some pointers to be aware:
1. Time
The rate decision and statement will be released at 0830 GMT, that will be followed up with a press conference by SNB chairman Thomas Jordan and his governing members.
2. Rate decision
The SNB is expected to maintain interest rates at -0.75%, with the target range unchanged between -0.25% and -1.25%.
3. SNB statement
The same old argument from the SNB is expected here. That despite the CHF weakening since the last meeting, the CHF remains "significantly overvalued". Just last month, SNB member Andrea Maechler commented that the CHF was "highly valued" here.
4. Presser
SNB chairman Thomas Jordan is likely to repeat that the CHF remains overvalued and that the central bank remains ready to intervene to stop upwards pressure on the currency. He's not expected to come out with any surprises this time around (though we all should know better by now).
5. Projections
The SNB will also be releasing its 2017-2018 GDP growth forecasts, as well as 2017-2019 CPI forecasts. It's not likely that most of it would have changed from September's meeting. The details can be found here.
Basically, it is likely to be a non-event, but then again, it's a central bank meeting after all. The SNB is not expected to make any significant changes that will move markets - but then, haven't we all learned our lesson when it comes to the SNB?
