SNBs Maechler warns of intervention
The SNBs was out earlier saying that the
- SNB is ready to intervene should it need to, and
- Negative rates are necessary tool
In times of uncertainty and risk, flows tend to migrate toward the CHF (and Gold). The treasury recently put Switzerland on the watchlist as a currency manipulator, citing their intervention. The Swiss National Bank is not really concerned consider a strong Swiss a result of risk off flows beyond their control.
