Prospects for the Swiss economy have gotten better, says SNB board member Jordan, but weakness in the US and Europe is expected to cause the Swiss economy to experience some headwinds. Over the medium term, the SNB will look for the best moment to normalize monetary policy, he said.

Jordan forecasts Swiss GDP will shrink 1.8% this year and grow 0.9% in 2010.

USD/CHF is consolidating gains around 1.0160 after holding above trend lows at 1.0030 yesterday.