Comments by SNB chief, Thomas Jordan

  • Swiss franc came under strong upward pressure due to search for safe havens
  • Low point in Swiss economic activity came in April
  • Q2 GDP likely to be stronger than in Q1
  • Swiss economy is in a sharp recession but activity is gradually recovering
  • Uncertainty remains strong

Well, at least he is not trying to beat around the bush with it but the rise in sight deposits data pretty much reaffirms what they have been doing over the past three months.

SNB sight