The UBS CFA Society Switzerland Indicator slipped into negative territory in August, reflecting more pessimistic expectations among analysts regarding Swiss economic growth over the next six months.

According to the latest survey, analysts see a 68% probability that the SNB will cut its policy rate by at least 25bps in September. In the longer term, survey respondents see the possibility of further rate cuts below 1.00%, although uncertainty remains high.

Analysts' conviction that the current EURCHF exchange rate is close to its fair value has strengthened.

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