Bold SNB cut would be best for Swiss franc bears
Sept 3 (Reuters) -Franc bears hope that Switzerland's softer than expected August CPI print spurs the Swiss National Bank to deliver a larger than predicted 50 basis point rate cut later this month, as this might deflate the CHF.
Swiss CPI fell to 1.1% YY in August, from 1.3% in July. A more modest decline to 1.2% had been the consensus forecast.
Franc strength is helping to keep Swiss CPI nearer 1% than the 2% peak of the SNB's target range, with the CHF last month rising to its highest level against the euro since the January 2015 "Frankenshock".
Outgoing SNB Chairman Thomas Jordan last week said franc strength was making life tougher for Swiss industry.
Markets currently see a 24% chance of the SNB reducing rates by 50 bps on Sept. 26, when a third consecutive 25 bps cut is fully priced. #SNBWATCH
Related comments/analysis: nL1N3KH0B3 nL1N3K30AD nL4N3KH0LE
For more click on FXBUZ
EURCHF https://tmsnrt.rs/3Zgg066
(Robert Howard is a Reuters market analyst. The views expressed are his own)
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