SNB presser still in progress

No doubting that the SNB are definitely engaged in regular smoothing operations. Not that it's doing them much good

Jordan:

  • Won't comment on SNB interventions

Eh? I thought they'd made it clear so why be so shy? Ah yes CB's always like to play the coy card

  • a currency basket would not solve the problem of CHF strength
  • monetary policy is focussed on CHF overvaluation
  • public criticism of current policy is to be expected
  • Greek situation uncomfortable for Switzerland

USDCHF 0.9170 EURCHF 1.0447