UBS CFA Society Switzerland Financial Market Survey November 2023: Financial analysts expect stable policy rates

11 Dec 2023

  • Despite a slight improvement in November, the UBS CFA Society Switzerland Indicator still points to a downturn in the economy. Increasingly, this is also being reflected in the financial analysts’ assessment of the current situation.
  • The SNB’s cycle of policy rate hikes is likely to be at an end. Most financial analysts surveyed now expect a sideways trend in short-term interest rates, while some think the SNB may cut interest rates in the second half of next year.
  • The analysts included in the survey believe that the Swiss franc could continue to appreciate against the euro and the US dollar. But they see limited appreciation potential against the euro, as most analysts see the EUR/CHF exchange rate’s fair value between 0.9 and 1.0. For more information, please click  here  (at the end of the page, on the right, "Financial Market Report").