Even if the Swiss central bank cuts interest rates, it is unlikely that the Swiss Franc will drop significantly.

Deutsche Bank believes that even if the Swiss National Bank further lowers interest rates after announcing lower-than-expected inflation data on Monday, the downside potential for the Swiss franc is limited. All indications suggest that the Swiss National Bank will again cut rates by 25 basis points to 0% in June, and it will be interesting to see what measures the Swiss National Bank will take afterwards. Even if negative interest rates reappear, it should be clear to every market participant that the Swiss National Bank's maneuvering room is limited, which could restrict any depreciation of the Swiss franc.