Bloomberg News reports that the Swiss government says it would support the SNB should it decided to sell Swiss francs on the forex market to help exporters. EUR/CHF has popped to 1.4910 on the headline. The cross has been stuck in a 1.4870/1.4910 range for the last few hours.

This one more piece of the currency puzzle as central bankers and politicians around the world try and beggar thy neighbor.

Swiss FinMin Merz is also quoted as saying he is not too pessimistic on the Swiss economy, forecasting only a 1% decline in GDP this year. More stimulus measures could be considered later this year, he said.