- The probability for further easing is now lower
- We don’t comment on the value of the Swiss franc
- Very difficult to assess the impact of tariffs and trade policy at present
- Economic uncertainty is very high, both to upside and downside
The headline remark should reaffirm that this would be it from the SNB in terms of key policy changes. At least until the next material change in the outlook that is. For now, this should be their final step in the cycle and traders are also agreeing with no more rate changes priced in for the rest of 2025.
This article was written by Justin Low at www.forexlive.com.