SNB's Moser says SNB has not been a passive FX observer after the end of the cap

SNB hasn't been sitting on their hands in the FX market

• SNB can be active in FX markets if needed
• Swiss Franc should weaken over time
• Switzerland won't see deflationary spiral
• Economy set to cool markedly in first half

Dewet Moser is an alternate SNB board member. No response from Swiss pairs on the news that the SNB have been active. As one of our readers has pointed out (Cambiste I think), the SNB look to have been active in reserve diversification rather than doing anything to weaken their currency