The CHF/NOK currency pair hovered above a 10 1/2-week low of 12.1160 on Wednesday, as investors braced for the outcome of Norges Bank’s and the Swiss National Bank’s policy meetings.

Norges Bank is expected to keep its key policy rate on hold at 4.5% for the 12th straight meeting on June 19th.

The central bank had cautioned that while inflation eased from the elevated levels from 2023, it still remained above target. Any premature interest rate cuts could lead to inflation resurgence amid the uncertain economic backdrop, Norges Bank also warned.

Meanwhile, the Swiss National Bank is expected to lower its key policy rate by 25 basis points to 0% at its June 19th meeting.

In March, the SNB lowered its policy rate by 25 basis points to 0.25%, the fifth straight rate cut in the current easing cycle, which brought borrowing costs to their lowest level since September 2022.

Back then, the central bank maintained its inflation forecast at 0.4% for this year and at 0.8% for both 2026 and 2027.

The CHF/NOK currency pair was last up 0.02% on the day to trade at 12.1768.