Bank of America Global Research previews the September SNB meeting (due on next Thursday).

"We expect the SNB to leave the policy rate unchanged at 0% next week. We also expect the reference to FX interventions in the policy statement to remain unchanged, signalling an "increased readiness to intervene in foreign exchange markets." Although appreciation pressures on the Swiss franc have eased somewhat over the summer, with the CHF down 3.3% YTD in real effective terms, we do not anticipate a return to the pre-March wording (namely a "willingness to be active in the foreign exchange market as necessary"). Our base case remains that the SNB stays on hold until 2028, in contrast to market pricing," BofA notes.

"Overall, next week's communication should reinforce the SNB's determination to preserve full optionality and retain all policy instruments at its disposal," BofA adds.