Swiss Libor futures point to SNB rate cut by September

Markets are pricing in a rate cut by the Swiss National Bank (SNB) as early as this September, at its quarterly monetary policy assessment.

Three-month Swiss Libor futures for September point to an 80% chance of a 25 bps rate cut by that time compared to 44% on June 23, the EU referendum day.

Meanwhile, over the weekend, the SNB Chief Thomas Jordan noted, "In principle, you can always take monetary policy further. Lower rates even more or increase money supply. This goes for the SNB too, which is focusing in particular on countering the pressure on the franc."