Swiss National Bank Monetary Policy Assessment
Event Date: Thursday, December 17, 2020
Event Time: 08:30 CET
Updated Friday, December 11, 2020
The Swiss Franc has been one of the the best performing currencies in the last several months. The Swiss National Bank is expected to keep interest rates unchanged at -0.75%, which won't have an impact on the market, so the attention will be on the monetary policy assessment and the press conference from Chairman Jordan. The SNB is seen as a safe haven, hence its demand in times when uncertainty is heightened. The CHF got a lot of attention from investors during the end of last year, but it stabilized against the Euro later. The SNB strengthened in recent weeks, since the market sentiment deteriorated, as a safe haven. But it has lost appeal in the previous week. The ECB cut rates in September, but the SNB has kept them unchanged. Markets are not expecting a cut, but the policy assessment will be important to hear and especially the press conference, because they might threat with intervention since the CHF has strengthened considerably last year. This year they have turned extremely dovish like all other central banks but let's see where they stand now and if they will try to jawbone the CHF with intervention talks. Please follow us for live coverage of this event by live market analysts.
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About Swiss National Bank Monetary Policy Assessment
The monetary policy assessment is released on a quarterly basis and is the main tool that the Swiss National Bank (SNB) uses to communicate with the public. The interest rate decision is included in the assessment report. The report also includes comments about economic and inflationary projections which affected the rate decision and the monetary policy. Traders try to read between the lines for clues regarding the SNB’s future monetary policy. Volatility is expected during the release of the monetary policy assessment. It is positive for the currency if the assessment is more hawkish than the market is expecting. A press conference follows the report’s release, so the attention tends to shift toward the conference pretty quickly.