Swiss Policy Makers Still Think Franc is Overvalued

The Swiss franc fell along with the euro against the US dollar today as Swiss policy makers continue to talk about excessive strength of the currency and need to keep the ceiling on the franc. The Swissie managed to rise against the euro itself.
Fritz Zurbruegg, member of the Swiss National Bank Governing Board, said yesterday:

There’s no discussion, we will with utmost determination make sure that the minimum exchange rate is not questioned, either with unlimited purchases of foreign currency, and if necessary we will take further measures immediately. We have a franc that is highly valued.

With deterioration of growth outlook and the threat of deflation there is a high probability that the SNB will indeed take drastic measures, like implementing negative interest rates.
USD/CHF was up from 0.9489 to 0.9526 as of 17:18 GMT today. EUR/CHF dropped from 1.2068 to 1.2061.

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