The Swiss franc gained on most major currencies today even after the central bank’s officials continued to signal that extremely loose monetary policy will remain in place in the foreseeable future.
SNB Deputy Chairman Fritz Zurbruegg said today that the central bank will stick to its accommodative policy, which is aimed at keeping the franc weak:
We are boring and are sticking to our expansionary monetary stance. We speak of negative interest rates and a readiness to intervene in the foreign exchange markets
He also said that the currency is driven mainly by international developments but that does not mean that the Swiss National Bank should respond to every event:
It is not a given that we have to react to each and every development.
USD/CHF slid from 0.9875 to 0.9857 as of 22:18 GMT today, touching the low of 0.9835 intraday. EUR/CHF declined from 1.1145 to 1.1129, retreating from the session high of 1.1171.
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