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    Calendar today: SNB, BoE, US inflation

    With much already behind us we are still bracing for some important events today.

    8.30 am - in few minutes we will learn the decision from the SNB. While there was some talk if the Bank wanted to counter a strengthening CHF, we doubt it could do much at this point, especially ahead of the Brexit vote. The CHF has been gaining but not nearly as much as the JPY.

    12:00 am - Bank of England - with just one week left to the referendum the Bank will focus on emergency measures in case of Brexit. The tone may still cause some volatility on the GBP but not as much as fresh polls. Ahead of the meeting we will get the data on retail sales (expected at 0,2% m/m, 3,9% y/y).

    1:30pm - US inflation - while the FOMC was rather dovish yesterday, J.Yellen made it clear that accelerating inflation would equal hikes even amid unfavourable external circumstances.  So the data counts. The consensus sees core inflation at 0,2% m/m and 2,2% (up from 2,1% in April). 


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