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ECB eases = SNB intervenes?


According to ING, that’s quite possible and SNB is likely to be called into action this month, in particular if the ECB announces new easing measures at its meeting next week.

ING also points to a possibility of SNB intervening in FX markets in EURCHF 1.0750. Rate cut to 3m CHF Libor t0 -1.00% is possible at SNB March 17 meeting. ING also adds:

Cutting the 20 times Minimum Reserve exemption on the negative charge other possible way to intervene.

Brexit risk premium to add to pressure on EUR/CHF in coming weeks; ING sees EUR/CHF trading toward 1.06 in three months.


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