Onderzoek
CHF - treading carefully
The market is currently priced for one 25 bp SNB rate hike on a 1-year view and more than two moves from the ECB in this period. While the SNB would likely welcome some normalisation in its interest rates to afford it some firepower on the next economic downturn, it will also be wary of the impact of domestic policy tightening on the value of the CHF.

