Reuters poll: SNB to keep policy rate at 0% on June 18 and through 2026

A Reuters poll conducted June 11-15 shows unanimous expectation that the Swiss National Bank (SNB) will keep its policy rate at 0% at its June 18 meeting. All 35 economists surveyed predicted a hold on the policy rate for that decision, while 28 respondents who provided outlooks for the rest of 2026 saw rates staying at 0% through the year.

Unanimous market view ahead of SNB meeting

The Reuters poll represents a clear market consensus that the SNB will maintain current policy settings this week. The broad agreement among the 35 surveyed economists signals that traders and analysts expect no immediate tightening or easing from the SNB at the June meeting and expect rate stability to persist for the remainder of 2026 among the majority of forecasters who provided a year-long outlook.

Why this matters for FX traders and Swiss-sensitive instruments

Policy-rate expectations drive currency positioning and yield differentials. A confirmed SNB hold at 0% and the prospect of prolonged rate stability may influence how the Swiss franc behaves relative to other currencies and how Swiss government yields trade. Markets may remain sensitive to these dynamics in the following areas:

• EUR/CHF and USD/CHF — Cross-rate moves often reflect relative policy stances; certainty around SNB rates may influence flows and positioning in these pairs.
• Swiss sovereign yields — Expectations of a prolonged zero policy rate are relevant for short- and medium-term Swiss government yields and carry considerations.
• Carry and policy divergence — With the SNB expected to hold at 0%, the relative attractiveness of Swiss rates versus other central banks may remain a factor for carry-sensitive strategies.

The exchange-rate reaction will depend on concurrent drivers such as global risk sentiment and policy moves elsewhere. In particular, contemporaneous decisions or communications from major central banks and shifts in risk appetite may influence how traders interpret the SNB hold in the context of broader policy divergence.

Markets will monitor the SNB decision and its accompanying statement on June 18 for any nuance in forward guidance, as well as upcoming communications and policy cues from other central banks and developments in global risk sentiment.