The firm also sees no SNB rate cut in 2020
In their 2020 investment outlook, the firm says that the SNB will do everything it can to avoid a significant strengthening of the franc but won't cut rates further unless the global economy unexpectedly weakens and other central banks (hint: ECB) cut rates too.
In my view, their argument is a bit of a coin flip. If the global economy improves, that would entail a recovery in the Eurozone economy too. In turn, that will remove pressure points on the euro and turning them towards the franc instead.
If you take the other possibility of the above scenario whereby global growth suffers and Europe falters, it's natural that the franc will strengthen and the euro will fall instead.
Essentially, the view adopted by the headline remark is that "we expect the Eurozone economy to improve in 2020".
