• SNB will continue to take account of exchange rate situation and its impact on inflation and economic developments in formulating its monetary policy
  • SNB will remain active in the forex market, as necessary, in order to influence monetary conditions

Well at least that confirms what we all thought anyway with the SNB smoothing the markets by selling CHF

USDCHF 0.9914 EURCHF 1.0588 both lower on lack of action

  • sees 2015 growth at 1.0% rev down down from 2%
  • 2015 inflation at -1.1% vs -0.1% prev forecast
  • 2016 inflation forecast -0.5% vs +0.3% prev
  • noticeable weakening in the economy may be expected, particularly in the first half
  • appreciable underutilisation of production capacity may be expected
  • anticipated strengthening in the global recovery will have a supportive effect
  • does not see inflation approaching 2% price stability threshold for entire forecast period

At least there's someone being realistic about inflation projections

Full SNB statement here

Jordan presser starts at 09.00 GMT here