No change expected from the SNB today
Earlier preview: Thursday Dec. 14 is central bank day - Swiss National Bank preview
Via Barclays:
- In Switzerland, we expect the SNB (Thursday) to keep its policy rate unchanged at -0.75% (consensus: -0.75%)
- and the target range for 3m Libor at -1.25/-0.25%.
- We expect it to reiterate its commitment to intervene in FX markets to curb unwanted appreciation, but its language regarding the currency's overvaluation is likely to be broadly unchanged, given that the CHF is trading roughly at the same levels it was in September in trade-weighted terms.
- Our bias remains for a range-bound EURCHF, with downside risks.
