Swiss National Bank out with their latest policy assessment 15 Sept

  • 3-month Libor lower target range -1.25%
  • upper target range -0.25%
  • sight depo rate -0.75%

Statement highlights:

  • pledges to intervene if needed
  • franc remains significantly overvalued
  • 2016 GDP growth seen around 1.5% vs prev forecast of 1-1.5%
  • will monitor mortgage and real estate market closely, imbalances still persist
  • economic recovery will continue
  • growth more modest in H2
  • global economic risks remain to the downside
  • Brexit has caused considerable uncertainty

Full assessment here

Nothing new from the SNB and the hold on rates was widely expected.

USDCHF slightly higher on the day on general USD demand. EURCHF unfazed at 1.0956