The Swiss National Bank (SNB) Vice Chairman Fritz Zurbruegg comments on the importance of the forex market intervention and that he still believes that the Swiss franc remains highly valued.
Key quotes
Welcomes recent weakening in the franc.
But currency is still highly valued.
Current policy remains appropriate.
FX interventions remain important, along with negative rates.
USD/CHF reaction
USD/CHF holds steady below 0.9000, unperturbed by the above comments, with the upside capped by the US dollar’s weakness.
