Swiss franc bears hoping SNB follows Fed's path
Sept 24 (Reuters) -Franc bears hope the Swiss National Bank takes a leaf out of the Federal Reserve's book and cuts interest rates by 50 basis points this week, as this might inflate EUR/CHF towards 0.96.
Markets currently see a 49% chance of the SNB opting for a half-point rate reduction on Thursday, with a third consecutive 25 bps cut to 1.0% fully priced. SNBWATCH
Outgoing SNB Chairman Thomas Jordan last month said CHF strength was making life tougher for Swiss industry. A 50 bps rate cut is one way the SNB could try to make things easier, in anticipation of it weakening the franc.
Swiss CPI fell to 1.1% YY in August - a month in which the franc hit its highest level against the euro since the January 2015 "Frankenshock".
CFTC data on FX positioning showed the net CHF short fell for a fourth consecutive week to 17,108 contracts, its lowest since February, in the week ended Sept. 17.
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Robert Howard is a Reuters market analyst. The views expressed are his own, editing by Ed Osmond
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