By Naomi Rovnick

LONDON (Reuters) - Central banks in the euro area and Switzerland cut rates on Thursday, a day after Canada slashed rates by a hefty 50 bps. Australia, meanwhile, eased its previously dovish tone this week, while Japan remains an outlier.

Here's where major rate-setters stand and what traders expect next.

1/ SWITZERLAND

The Swiss National Bank, which has been at the forefront of monetary easing, cut rates by an unexpectedly large 50 basis points (bps) to 0.5% on Thursday, the lowest since November 2022 and the bank's biggest reduction in almost a decade.

Swiss annual inflation was most recently reported at just 0.7% and the SNB, which is alert to the safe-haven Swiss franc strengthening beyond levels domestic exporters can bear, said it could reduce borrowing costs again next year.

2/ CANADA

The Bank of Canada cut rates by 50 bps to 3.25% on Wednesday, marking the first time since the COVID-19 outbreak that it has implemented consecutive half-point cuts.

It indicated further easing would be gradual after annual inflation accelerated to 2%, but with Canada's weak economy threatened by U.S. President-elect Donald Trump's proposed tariffs, markets placed 70% odds on a 25 bps cut next month.

3/ SWEDEN

Sweden's economy is shrinking and its central bank, which lowered borrowing costs by 50 bps to 2.75% in November, has guided markets to expect further easing next year.

The Riksbank meets next week and markets see a 25bps cut as more likely than not, with about 90 bps of easing priced in by August.

4/ NEW ZEALAND

The Reserve Bank of New Zealand painted a bleak economic picture in its latest Financial Stability Report, and while it does not meet to set rates again until February, traders see good chances of swift and rapid cuts.

The RBNZ has lowered its cash rate by 75 bps to 4.25% so far this cycle and markets expect it to fall to just over 3% by late 2025.

5/ EURO ZONE

The ECB is firmly in easing mode, cutting its deposit rate by 25 bps to 3% on Thursday in its fourth such move this year and keeping the door open to further reductions.

It also signalled that further cuts are possible by removing a reference to keeping rates "sufficiently restrictive", economic jargon for a level of borrowing costs that curbs economic growth.

Markets price in roughly 130 bps worth of tightening by end-2025.

6/ UNITED STATES

The Federal Reserve is moving more cautiously with monetary easing given a robust economy and President-elect Donald Trump's proposed tax cuts and import tariffs complicate the U.S. inflation outlook.