According to data from Jinshi, Deutsche Bank stated that even if the Swiss National Bank lowers interest rates further after inflation data comes in below expectations, the room for the Swiss franc to decline is limited. All signs indicate that the Swiss National Bank may cut rates again by 25 basis points to 0% in June. Even if negative interest rates reappear, market participants should be aware that the Swiss National Bank's operational space is limited, which may constrain the depreciation of the Swiss franc.