CHF: SNB likely to keep its target interest rates unchanged - TDS

Research Team at TDS agrees with the near-universal consensus that the SNB will keep its target interest rates unchanged today.

Key Quotes

“More interesting, however, will the accompanying Monetary Policy Assessment and Quarterly Bulletin. There, any discussion of recent FX intervention activity will be a key focus. Swiss FX reserves rose 3.8% in February. This was the fastest pace since the 1.20 EURCHF floor was abandoned. The cross remained heavy during the month but was unable to trade below the 1.06 mark, suggesting a notable degree of EUR demand was seen in currency markets around those levels.”