SNB’s Hildebrand talks about deflation threat in past tense

The SNB will take all necessary steps to ensure price stability of deflation threat reemerges.

The comments reinforce the notion that the SNB thinks the deflation risk has passed and that they are no longer concerned about the day-to day moves of the franc.

EUR/CHF trades in very range-bound fashion not far from record highs for the franc at 1.3725.