The Swiss National Bank cut interest rates on Thursday, maintaining the central bank's position as a frontrunner in the global policy easing cycle now underway.

The SNB cut its policy rate by 25 basis points to 1.25%, as expected by two-thirds of analysts polled by Reuters, following a similar cut in March.

The decision had been finely balanced, given a recent rebound in economic growth and a break in the trend of gently falling inflation in Switzerland. (Reporting by John Revill Editing by Dave Graham)