The SNB statement earlier made a small adjustment to recent rhetoric 14 Sept

We've moved from CHF "significantly over-valued" to "remains highly valued" with the added observation that "significant overvaluation of CHF has been reduced" as per post here

Bold new comments or just a slightly diluted form of the previous ones and without little real significance?

I'm siding with the latter view given that they will still intervene and remain active in the FX market.

What's possibly more noteworthy is Jordan's subsequent admission that ECB and US Fed rate decisions are "very important" thus suggesting they know/fear the power is most definitely not all in their own hands.

I remain a dip buyer of EURCHF and fully expect a helping hand from Jordan & Co.

Full SNB statement here

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