By forex calendar in Gov Board Member Tschudin Speaks —

CHF Gov Board Member Tschudin Speaks, Nov 13, 2025

SNB's Tschudin Speaks: What Traders Need to Know from the Nov 13, 2025 Release

Geneva, Switzerland – November 13, 2025 – The Swiss financial markets are keenly awaiting insights from SNB Governing Board Member Petra Tschudin, who is scheduled to deliver a speech today. The latest data, released on November 13, 2025, highlights this anticipated event, with a low impact forecast. While the "previous" data is not detailed, the focus is squarely on what Tschudin's remarks might reveal about the Swiss National Bank's (SNB) future monetary policy.

Tschudin, a member of the SNB Governing Board from October 2024 to June 2027, will be speaking at a Swiss National Bank Money Market Event in Geneva. Her address, titled "Bank Refinancing Costs: An Overview from a Monetary Policy Perspective," delves into a critical area that directly influences the central bank's decision-making.

Why Traders Care: Unlocking Monetary Policy Clues

The SNB Governing Board is the ultimate authority when it comes to setting Switzerland's key interest rates. These decisions have a profound impact on the Swiss Franc (CHF), influencing everything from borrowing costs for businesses and individuals to the attractiveness of Swiss assets for foreign investors. Consequently, any public engagement by a Governing Board member, especially one touching upon the nuances of monetary policy, is scrutinized intensely by traders and analysts.

The inherent nature of central bank communication is often subtle. While they may not directly announce policy changes in every speech, Governing Board members frequently offer clues or express perspectives that hint at their thinking. Traders, therefore, pay close attention to the language used, the emphasis placed on certain economic indicators, and the overall tone of their remarks. A more hawkish stance, which signals a greater inclination towards tighter monetary policy (higher interest rates), is generally considered good for the currency. Conversely, a dovish tone, suggesting a preference for looser policy, can weigh on the currency.

Diving Deeper: Bank Refinancing Costs and Monetary Policy

Petra Tschudin's chosen topic, "Bank Refinancing Costs: An Overview from a Monetary Policy Perspective," is particularly relevant in the current economic climate. Bank refinancing costs refer to the expenses commercial banks incur when they borrow money to lend it out to their customers. These costs are directly influenced by the SNB's monetary policy tools, such as the policy rate and liquidity provisions.

When the SNB tightens its monetary policy, it typically aims to increase borrowing costs for banks. This can be achieved by raising its policy rate, which makes it more expensive for banks to borrow reserves from the central bank. Higher refinancing costs for banks can then translate into higher lending rates for businesses and consumers, potentially leading to a slowdown in economic activity and a moderation of inflation.

Conversely, if the SNB seeks to stimulate the economy, it might lower its policy rate, thereby reducing bank refinancing costs and encouraging more lending.

Tschudin's speech is expected to shed light on how the SNB views these refinancing costs and how they are integrated into their broader monetary policy framework. This could offer valuable insights into:

  • The SNB's assessment of current inflationary pressures: Are refinancing costs being used to curb inflation, or is the SNB more concerned about economic growth?
  • The effectiveness of current monetary policy tools: Is the SNB satisfied with how its policies are impacting bank behavior and, consequently, the broader economy?
  • Potential future policy adjustments: Her comments could signal whether the SNB is leaning towards keeping rates steady, hiking them further, or considering a reduction.

The "Low Impact" Forecast: A Nuance to Consider

The forecast of "Low Impact" for this particular event, as indicated by the latest data, suggests that the market may not be anticipating a groundbreaking announcement or a significant shift in immediate policy direction. This could be due to several factors:

  • Routine Communication: The speech might be part of a regular series of addresses by SNB officials, providing an update rather than a major policy revelation.
  • Technical Focus: The title suggests a detailed discussion of a specific aspect of monetary policy, which might be more academic or technical, with less direct market-moving commentary.
  • Pre-existing Market Consensus: The market might have already priced in most of the likely scenarios regarding SNB policy, making any single speech less impactful unless it deviates significantly from expectations.

However, even with a "Low Impact" forecast, it is crucial for traders to remain attentive. The SNB's communication is a continuous process, and even seemingly minor statements can contribute to the overall understanding of their policy stance. A hawkish tilt in Tschudin's commentary, even within a low-impact event, could still lead to a strengthening of the Swiss Franc.

In Conclusion

SNB Governing Board Member Petra Tschudin's speech on November 13, 2025, presents an opportunity for the market to gain further clarity on the Swiss National Bank's monetary policy perspective, particularly concerning bank refinancing costs. While the "Low Impact" forecast suggests no immediate seismic shifts are expected, the insights gleaned from her address can be invaluable for traders seeking to navigate the complexities of the Swiss Franc and its future trajectory. The SNB's deliberate and strategic communication is a cornerstone of its policy approach, and every utterance from its Governing Board members deserves careful consideration.