This via the folks at eFX.

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  • Goldman Sachs maintains a bullish bias on CHF going into this week's SNB policy meeting.
    "We are bullish on the Franc. We believe that the SNB is a stricter inflation targeter than its peers, and better equipped to meet the challenges facing policymakers across Europe at the moment. This week's SNB meeting presents a tactical challenge for the Bank after the ECB hiked by 75bps, and seems likely to do so again in October, while the SNB does not have another scheduled policy assessment until mid-December," GS notes.
    "We believe this challenge could be overcome with a large (100bps, or possibly more) rate hike and some change to its reserve management policy—such as explicitly stating an intention to reduce the size of its balance sheet (i.e., sell FX reserves), or at least moving to a 1-sided intervention commitment (to guard against currency depreciation)," GS adds.


Statement due at 0730 GMT on Thursday, 22 September 2022:

snb Thursday, 22 September 2022