- keeps EURCHF cap at 1.2000
- ready to buy unlimited quantities of fx
The Swiss National Bank (SNB) is maintaining its minimum exchange rate of CHF 1.20 per euro.
The Swiss franc is still high. With a three month Libor close to zero, the minimum exchange rate continues to be the right tool to avoid an undesirable tightening of monetary conditions in the event of renewed upward pressure on the Swiss franc.
The SNB will continue to enforce the minimum exchange rate with the utmost determination. If necessary, it is prepared to purchase foreign currency in unlimited quantities for this purpose, and to take further measures as required
No change in policy. USDCHF still 0.8940 EURCHF 1.2174
- sees moderate recovery of Swiss economy continuing
- substantial downside risks remain
- no sign of sustained easing in propery market
- prepared to take further steps as required
- expects economy to expand by 2% in 2014
- 2014 CPI +0.1% vs 0.0% prev
- 2015 CPI +0.3% v +0.4% prev
- 2016 CPI +0.9% vs +1.05 prev
Full press release here. Presser at the top of the hour here
