FRANKFURT - The European Central Bank's mid-September hold left Swiss exporters where they were: watching the euro-franc pair more closely than any adjective about data dependence. The SNB's own rate is at zero. The gap is a funding fact and an exchange-rate risk.
Machine builders in Aargau and watch firms in the Jura have different sensitivities and the same complaint when the franc jumps. Banks in Zurich translate the hold into mortgage small print.
Next week, another Swiss decision
The SNB meets on 25 September. It is expected to sit on its hands. That, for once, would be a kind of news.