UBS CFA Indicator climbs to highest level in 2026

• The UBS CFA Indicator rose by 2.1 points to 12.1 in August, building on its strong improvement in July.
• Given the euro’s appreciation against the Swiss franc in recent weeks, the estimated current fair value of EURCHF has increased compared with three months ago.
• According to the survey, the SNB is likely to keep its policy rate unchanged in the coming months, although risks are slightly tilted toward monetary tightening.

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