The Swiss franc rose today after the speech of the central bank’s chief even as some economic forecasts for Switzerland were revised down.
Thomas Jordan, Chairman of the Swiss National Bank, said today:
All the discussion about the exit — we know it will be difficult, it will maybe be a bumpy road — but it is also positive that we are at the point where we can talk about normalisation.
The State Secretariat for Economic Affairs revised the expected economic growth for Switzerland in 2017 from to 1.4% from 1.6%. The SECO also reduced the projected inflation in 2018 from 0.3% to 0.2%.
USD/CHF fell from 0.9753 to 0.9725 intraday before trading at 0.9749 as of 14:11 GMT today. EUR/CHF was down from 1.0870 to 1.0854.
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