SNB head on the wires from an interview with newspaper

  • stronger USD helps Switzerland

And helps repair the hole in SNB finances too eh?

  • current policy should weaken further
  • franc remains significantly overvalued
  • SNB looks at overall ccy situation when assessing conditions
  • capital flows into Switzerland are less strong than before
  • convinced that SNB market intervention fulfilling purpose to weaken franc
  • balance sheet shows SNB have been active

As I've been highlighting many time in recent months

  • there is no limit on size of SNB's balance sheet

When asked about introducing a new CHF cap vs EUR at 1.1000 he said:

"The policy is clear. Negative interest rates and willingness to intervene in ccy market"

And of course we can trust them to stick to that. Can't we ?

USDCHDF and EURCHF unfazed but both a bit lower dragged by euro sales still