FXStreet (Córdoba) - Emile Cardon, Senior market economist at Rabobank notes that the Swiss National Bank is likely to cut the rate further into negative territory at the December meeting. Key Quotes: “Although the Swiss franc has pared a large part of its gains vis-à-vis its major counterparts, a majority of market participants expects the SNB to cut rates further.” “As the ECB seems willing to do more, by stepping up its asset purchase program in December and even cutting the deposit rate further, the SNB remains alert. This has fueled expectations that the SNB could step up its efforts to prevent the Swiss franc from strengthening against the euro.” “We expect the SNB to cut rates by 25 basis points in December and another 25 basis points in March or June next year. Going forward, we are very sceptical on what the SNB can do more. We would argue that the SNB has exhausted almost all of its tools. The rate on sight deposits (and the 3-month Libor lower and upper target rates) could go down a tad lower. In case the pressure on EUR/CHF increases, we expect the SNB to intervene with additional FX purchases.” For more information, read our latest forex news.