• Remains ‘skeptical’ on negative rates
  • SNB franc ceiling of decisive importance
  • Franc fair value remains around 1.3000
  • No imminent need for emergency measures
  • Crisis measures would be ‘extraordinary’
  • Swiss banking secrecy will remain in place

Anyone out there still think the Swiss are going to dispense with the EUR/CHF peg in the foreseeable future? Yer right………