CHF: Expectations of a Swiss National Bank rate cut in September fade – ING

EUR/CHF is comfortably trading under 0.94 again as optimism over a Ukraine ceasefire fades, ING's FX analyst Chris Turner notes.

EUR/CHF can continue to trade down at 0.93 levels

"As with ECB pricing, expectations of a Swiss National Bank rate cut in September have faded, and investors now struggle to see the SNB taking rates negative at all."

"In terms of our FX views, we see little change in our view published in early July that the strong CHF creates a big headache for the SNB – but there's little the central bank can do about it. We see no reason to change our view that EUR/CHF can continue to trade down at these 0.93 levels for a while longer."

Aug 22, 2025

Oil prices are set to finish this week higher – ING

Oil prices moved higher yesterday as the initial enthusiasm over progress towards a ceasefire between Russia and Ukraine continues to fade, ING's commodity experts Ewa Manthey and Warren Patterson note.

Foreign official holdings of Treasuries hit 2024 low – ING

US Treasuries held in custody at the Fed for foreign institutions have fallen to their lowest levels this year, down $100bn since April. While structural demand supports the Treasury market, ongoing foreign central bank selling may weigh on the US Dollar (USD), ING's FX analyst Chris Turner notes.