The Swiss franc was higher today after Fritz Zurbruegg, Deputy Chairman of the Swiss National Bank, said that there is no risk of deflation.
Zurbruegg stated today that there is no risk of deflation despite the strong franc, saying:
Inflation is very low and remains in negative territory this year. This is due to a transition of the sharp fall in oil and the strength of the franc and does not pose the risk of deflation.
The franc has been in a downtrend since the beginning of December, and there is a risk that the Swiss National Bank may intervene in case the currency appreciates to any noticeable degree.
USD/CHF was down from the open of 1.0149 to 1.0138 as of 13:00 GMT today after rallying to the daily high of 1.0177 earlier. CHF/JPY traded at 117.23 following the drop from 116.88 to 116.54.
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