SNB head on the wires from an interview with newspaper
- stronger USD helps Switzerland
And helps repair the hole in SNB finances too eh?
- current policy should weaken further
- franc remains significantly overvalued
- SNB looks at overall ccy situation when assessing conditions
- capital flows into Switzerland are less strong than before
- convinced that SNB market intervention fulfilling purpose to weaken franc
- balance sheet shows SNB have been active
As I've been highlighting many time in recent months
- there is no limit on size of SNB's balance sheet
When asked about introducing a new CHF cap vs EUR at 1.1000 he said:
"The policy is clear. Negative interest rates and willingness to intervene in ccy market"
And of course we can trust them to stick to that. Can't we ?
USDCHDF and EURCHF unfazed but both a bit lower dragged by euro sales still
