SNB’s Jordan says “the SNB will continue to intervene on the foreign exchange market if needed to prevent a rise in the franc against the euro.”
He says “the interventions have been successful so far” adding that the rise in the franc against the euro has been stopped and volatility has come down.
Jordan feels there are signs of economic stabilisation abroad and that this raises hopes the Swiss economy will soon have reached a trough. He sees a slight recovery in the Swiss economy in 2010.
EUR/CHF effectively unchanged on the day, presently at 1.5235.
