Preview of the Swiss National Bank meeting on Thursday (19 March 2015) this week.
The EUR/CHF has bounced back from its post-cap removal lows, but is off its highs of late February.
There is speculation in the market that there is an informal 'band' for EUR/CHF from 1.05 to 1.10. The strength of the CHF in the past few weeks (down from 1.08 (barely) highs to 1.05 big figure as I type) has raised chatter of a possible cut in rates from the SNB at Thursday's meeting.
Most economists think this unlikely:
- 21 of 26 economists surveyed by Bloomberg News (survey taken March 6-13) says the rate will remain at -0.75%
- 15 economists see SNB avoiding further cut for rest of 2015
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- The SNB Monetary Policy announcement is scheduled for 0830GMT on Thursday 19 March 2015.
- There will be a press conference
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Note ... more central banks this week too ...
- Deutsche Bank FOMC preview: "Could ... remove patience ... policy normalization"
- CIBC preview of the FOMC this week: Federal Reserve "will drop" patience
- FOMC Preview - The word according to Barclays, and that word will not be "patience"
- Bank of Japan preview
- Bank of Japan meeting comes right before key wage negotiations