SNB's Jordan says they are not a slave to ECB action
SNB chairman Jordan with his presser 15 Dec
I beg to differ Thomas.
- euro is weak against other ccys, not just franc
- overvaluation of franc could continue over some time
- US Fed hike shows US economy on track, a good thing
- Fed could hike further
- no limits onexpanding SNB balance sheet
- Swiss inflation rate still very low
- SNB willing to intervene to expand balance sheet as long as benefits outweigh costs
- balance sheet is an instrument to be used in connection with fx intervention
- neg rates not an easy situation for fin sector
Nothing new here that I can see at first glance
USDCHF 1.0242 EURCHF 1.0752 both holding their own still.
Jordan - with his serious face on again