SNB poised to cut rates back to zero later today ...Middle East

The market has fully priced in another rate cut today but expectations of a return to negative rates remain mixed. Traders are pricing in ~47 bps of rate cuts though by year-end, which includes the 25 bps rate cut later today.

In any case, the policy rate appears to be following the path of inflation more than anything else. Swiss headline annual inflation fell back under 0% in the latest report, and so interest rates are taking on that same trajectory.

The question now is how do they want to go about steering the conversation of a return to negative interest rate policy? Will they start that today? Or will they try to put that off for as long as they can before succumbing to that in the latter stages of Q3?

This article was written by Justin Low at www.forexlive.com.

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