GBP/CHF to break under 1.20 if SNB Vice Chairman Zurburegg takes a hawkish turn – ING

We do not hear too often from Swiss National Bank (SNB) speakers, but Vice Chairman Fritz Zurburegg speaks today. Economists at ING expect the GBP/CHF to drop below 1.20 if Zurburegg takes a hawkish turn.

SNB's Zurburegg speaks on Tuesday

“We are very interested in the SNB given that an ultra-dovish central bank has been sounding more hawkish recently. And it seems that tighter policy in Switzerland means a stronger nominal currency.”

“Look out for today's event risk for the Swiss franc, and a pair like GBP/CHF – potentially breaking under 1.20 – could be the big story if this SNB speaker does take a hawkish turn.”