According to Jinshi Data, Bank of America said that the rapid appreciation of the Swiss franc amid recent market turmoil has increased the pressure on the Swiss National Bank to ease monetary policy in September. Analyst Kamal Sharma pointed out that the Swiss National Bank attaches great importance to the real effective exchange rate (REER), which has an increasing impact on Swiss companies.

Bank of America believes the Swiss National Bank was forced to intervene to weaken the franc during last week's market volatility. Although the relative fundamental outlook for Switzerland versus other countries has not changed, the level of positioning makes short Swiss franc positions attractive again.