The SNB will be announcing its monetary policy decision at 0730 GMT
The decision isn't what is going to be of importance here as the SNB is very much expected to hold rates steady. Instead, the focus will be on the language set out by the central bank on the Swiss franc.
The swissie has been the top performing major currency in 2H 2018 trading so far and while the Swiss economy has been slowly moving along nicely, any further strength in the currency has the potential to derail that economic recovery.
The SNB will also be releasing its latest projections on economic growth and inflation and they are expected to remain more upbeat on both fronts as recent data suggests that things are on the up in Switzerland.
But as mentioned, that isn't really the focus of the meeting today. It's all about the language involving the franc. The SNB has evolved its language on the franc from being "significantly overvalued" to the current "highly valued" rhetoric. Should they maintain that stance, I reckon that the franc's gains seen so far this half has more room to run - considering the central bank has shown almost no signs of intervening.
If they are planning to nip it in the bud, then verbal intervention and softer language surrounding the franc in today's statement would be a good start. Otherwise, maintaining the status quo only means that they will have to come into the market eventually and I'm sure they know this too.
Then again, the SNB has been known to pull off stunts like they did in January 2015 so who really knows? Here's some previews for you to digest ahead of the meeting later:
