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At -0.75% the Swiss franc holds the lowest interest rate of all the major currencies, and with inflation remaining stubbornly low we continue to maintain a fundamentally bearish bias.
As always the EURCHF exchange rate continues to remain a focal point for the SNB, with President Jordan taking every opportunity to remind markets that the franc remains overvalued.
On March 17, the SNB’s Q1 Monetary Policy Assessment saw no change in the -1.25% to -0.25% target corridor for 3-month CHF Libor.
The deposit rate was also left unchanged at -0.75%.
Heading into the release there was some outside bets that the SNB could ease ... (read more)