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Analyst: The Swiss Franc central bank governor may open the door for interest rate cuts and intervention in the foreign exchange market in his speech, but further easing may be limited.
ING Groep Analyst Chris Turner noted in the report that Swiss National Bank President Martin Schlegel retains policy space for further interest rate cuts and for aggressively intervening in the foreign exchange market to curb the appreciation of the Swiss Franc. However, the bank is not inclined to restart negative interest rate policies in June as the market expects, and its ability to intervene in the exchange rates is also limited. The report states that if financial market volatility increases this quarter, pushing up demand for safe-haven Assets, the Euro to Swiss Franc exchange rate may quickly drop back to 0.92. According to FactSet data, the Euro against the Swiss Franc is impacted by a reduction in Global safe-haven capital flows and market optimism about trade agreements between the USA and other countries.
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