Swiss National Bank Holds Rates But Strikes Dovish Tone, Keeping Franc Under Pressure

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The Swiss National Bank held rates but surprised markets with a dovish tone, downplaying second-round inflation effects and tweaking its foreign-exchange stance, according to ING's Francesco Pesole. The dovish signals have kept the Swiss franc under pressure against the US Dollar. Pesole, writing for ING, said the central bank's adjustments to its FX stance accompanied the decision to leave rates unchanged. The SNB's downplaying of second-round inflation effects was the element that caught markets off guard.

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