Negative Interest Rates Back on SNB Menu, GBP/CHF Gains to 1.18 by End 2026

  • The Pound to Swiss franc (GBP/CHF) has consolidated around 1.11 and well above April lows below 1.0650 amid a recovery in risk appetite. CIBC expects that the Swiss National Bank (SNB) will decide to re-engage with negative interest rates which will weaken the Swiss franc.