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- SNB’s Jordan: Negative rates and interventions, if necessary, to continue
SNB’s Jordan: Negative rates and interventions, if necessary, to continue
Negative rates and interventions, if necessary, will continue, Swiss National Bank (SNB) Chairman Thomas Jordan said after the monetary policy announcement on Thursday.
Additional headlines
We care a lot about the level of the Swiss franc.
If necessary, we continue to intervene in the forex market, this is crucial.
Negative rates and interventions, if necessary, to continue.
Normalization of global monetary policy is a positive.
Inflationary pressure in Switzerland is very low.
We look at overall exchange rate situation, not just one currency.
Believe inflation differential between Switzerland and US and Europe will narrow.
Think sovereign wealth fund using SNB assets is not a good idea.
Market reaction
USD/CHF is trading under pressure near daily lows of 0.9221, losing 0.25% so far. The weakness in the spot could be mainly attributed to the relentless selling in the US dollar across the board, in the aftermath of the hawkish Fed.
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