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SNB rate decision explained

What the Swiss National Bank's quarterly monetary policy assessment is, when it lands in UK time, why it moves USD/CHF and how to manage risk around it.

Last updated: · By Forexuro Desk · Editorial policy

Published · Reviewed by the Forexuro Desk editorial team

What it is

The Swiss National Bank sets the SNB policy rate and decides whether to act in the foreign exchange market. It defines price stability as CPI inflation below 2% a year. The Swiss franc is a classic safe haven currency: in periods of global stress, money often flows into the franc, which can push Swiss inflation down and hurt exporters. That is why the SNB pays close attention to the exchange rate.

Unlike most major central banks, the SNB holds only four scheduled monetary policy assessments a year, so each one can carry several months of policy news at once. It has also shown that it is willing to act between meetings and to use currency intervention as a tool.

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What to watch in the release

  • The SNB policy rate. The rate and whether it moved as expected.
  • Comments on the franc and intervention. Whether the Bank says it is willing to buy or sell foreign currency.
  • The conditional inflation forecast. The SNB's inflation forecast, which assumes an unchanged policy rate.
  • The press conference. Usually held shortly after the announcement.

When it is released

The SNB announces its quarterly assessments, usually in March, June, September and December, at 9:30am Swiss time, which is 08:30 UK time all year round because the UK and Switzerland change their clocks on the same dates. That is in the London morning, when liquidity is good. Check the SNB calendar for the exact date of the next assessment, and use the market sessions clock to convert times.

Why it moves markets

Because the franc is a safe haven, it often strengthens when markets are nervous, regardless of interest rates. The SNB's willingness to lean against a strong franc, through rates or intervention, therefore matters as much as the rate itself. As of 25 October 2026 the SNB policy rate is 0% after the 24 September assessment, and the next decision is the December quarterly assessment; check the SNB calendar for the exact date. Current figures and sources are on our central banks page, and the week ahead is covered in the USD/CHF forecast.

Which pairs and gold it moves

  • USD/CHF: The main pair for SNB news on this site.
  • XAU/USD: Gold and the franc are both safe havens and can move together in risk-off periods.
  • EUR/USD: Often moves opposite to USD/CHF, so franc moves can show up indirectly.

How much any market moves depends on the size of the surprise and on what else is happening; there is no fixed reaction.

SNB rate decision in context

The SNB has surprised markets in the past, most famously in January 2015 when it removed its minimum exchange rate against the euro without warning and the franc jumped sharply within minutes. Many brokers could not fill stop orders anywhere near their levels that day. The lesson for traders is that franc positions can gap through stops when the SNB acts, and position size should allow for that.

Between assessments, Swiss CPI, the Bank's foreign currency reserves and comments from the Chairman are the main things to watch. The franc also reacts to European news, since the euro area is Switzerland's largest trading partner.

How to trade around it carefully

  1. Check the exact release time and convert it to UK time with the market sessions clock. Daylight saving changes on different dates in the UK, North America, Europe and the southern hemisphere, so the UK time of the same local announcement shifts during the year.
  2. Know what the market expects. Prices react to the surprise against expectations, and to the guidance about the next meeting, more than to the rate itself.
  3. Allow for gaps. The SNB has a history of surprises, so size franc positions on the assumption that a stop may be filled beyond its level.
  4. Decide in advance whether you will be flat, hold with reduced size or wait for the first move to settle. Many traders avoid opening new positions in the minutes before a decision.
  5. Expect wider spreads and possible slippage. Stops can be filled worse than their level when liquidity is thin; see slippage and gaps and weekend risk.
  6. Size down. If you hold through the release, a smaller position from the position size calculator keeps the money at risk within your plan.

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More events: FOMC rate decision · ECB rate decision · Bank of England rate decision · Bank of Japan rate decision · RBA rate decision · RBNZ rate decision · Bank of Canada rate decision · SNB rate decision · US CPI inflation · Non-farm payrolls (NFP)

Frequently asked questions

What time is the SNB decision in UK time?

The SNB announces at 9:30am Swiss time, which is 08:30 UK time all year, because both countries change their clocks on the same dates.

How often does the SNB set rates?

The SNB holds four scheduled monetary policy assessments a year, usually in March, June, September and December, and can act between them.

Why is the Swiss franc a safe haven?

Switzerland has a long record of political stability, low inflation and a large current account surplus, so investors often buy the franc in times of stress.

Which pairs react most to the SNB?

USD/CHF and other franc pairs. On this site, see the USD/CHF pair guide.

Education only, not financial advice. Trading forex, gold and CFDs carries a high risk of losing money, and leverage magnifies both gains and losses. Past performance is not a reliable guide to future results. Read our risk disclosure.