{
  "id": 9722026,
  "title": "Swiss Franc: Dovish SNB keeps CHF under pressure against US Dollar – ING",
  "url": "https://urgent.news/2026/09/25/swiss-franc-dovish-snb-keeps-chf-under-pressure-against-us-dollar-ing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-25T07:03:28.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/swiss-franc-dovish-snb-keeps-chf-under-pressure-against-us-dollar-ing-202609250703"
  },
  "original_language": "en",
  "account": "ING’s Francesco Pesole reveals that the Swiss National Bank maintained interest rates but surprised markets with a dovish turn. He believes that market expectations are overly hawkish and sees limited reasons for the SNB to tighten policy in the near future. The bank kept rates steady, as anticipated, but signaled a more dovish stance on inflation, dismissing concerns about second-round effects. The franc has been under pressure due to recent weakness, though the bank’s promise to act if needed remains unchanged. While this update may seem concerning, it is merely a reflection of the franc’s weakened position and not a sign of reluctance to intervene should the currency appreciate further. Pesole argues that market pricing needs to be adjusted, as a rate hike is now expected by March. However, he still sees few reasons for the SNB to tighten policy at this stage. According to Pesole, there are downside risks for the Swiss Franc, with EUR/CHF potentially testing the 0.9480 mark seen earlier in September. He also believes that USD/CHF could rally toward 0.85 if the Federal Reserve raises interest rates in October.",
  "summary": "ING’s Francesco Pesole explains that the Swiss National Bank held rates but surprised dovishly, downplaying second-round inflation effects and tweaking its FX stance.",
  "key_points": [
    "Swiss National Bank kept interest rates steady, surprising markets",
    "SNB signaled dovish stance on inflation, dismissing second-round effects concerns",
    "Franc under pressure, EUR/CHF may test 0.9480, USD/CHF could rally to 0.85"
  ],
  "editors_take": "The Swiss National Bank's dovish stance, contrary to market expectations, implies downside risks for the Swiss Franc, potentially driving EUR/CHF to 0.9480 and USD/CHF to 0.85.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}