SNB rate cut on the radar this morning at 7.30am GMT

The Swiss National Bank (SNB) is due to announce its latest monetary policy decision at 7.30am GMT. Despite Swiss interest rates remaining at incredibly low levels (just like in Japan) it seems the SNB is set on a very different path to that of the BOJ. The SNB are widely expected to cut rates this morning and quite frankly, it will be a real surprise if they do not. The consensus is for the  SNB to lower it benchmark OCR, to 1% from 1.25%. Naturally, that looks baked in the cake for the most part, but there is always room for a surprise of course. That brings the EUR/CHF into the equation as well as the USD/CHF this morning. As usual the SNB will probably want to keep a check on their own currency and right now especially versus the dollar. Most recently the USD/CHF has been very close to 2024 lows, just below 0.8400. However, since yesterday it has rebounded back above the 0.8500 handle and hence already anticipating what seems to be coming a little later this morning. The USD/CHF is currently trading at 0.8504