The SNB is likely to keep rates on hold at 1.5% at its meeting next week as inflation in Q2 so far has been in line with the its forecast in March. Moreover, the latest data on wage growth were much stronger than ahead of the March meeting, which we think will discourage the SNB from cutting rates any further this year. Meanwhile, we think it is unlikely that the SNB will intervene in FX markets in the coming months.
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