3:30am SNB Libor Rate Decision Forecast 0.25% Previous 0.25%
ACTION: USD/CHF SELL 0.50%
SNB (Swiss National Bank) is likely to keep the 3-month libor rate at the current level of 0.25%, as surveyed by reuters today. As a matter of fact, most analysts agree that SNB is likely to keep rates unchanged until mid 2010. As SNB is not in the habit of surprising the market, it is practically 100% that SNB will keep rates at 0.25%; however, just in the event that SNB does hike rates, we will SELL USD/CHF immediately.
SNB will also release its monetary policy assessment report along with the rate decision, which will focus on future projections and monetary policy. This will probably move the market more than the actual rate decision, as the rate decision deals with current market, but the assessment report deals with the future. We’ll listent o the report and hopefully jump into the market should this report surprise the market.
UPDATE: No trade on this release as SNB decided to leave rates unchanged. However, SNB still maintains that it will continue to monitor the strength of CHF and intervene when appropriate. This should put CHF on a depreciation path from now on.
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