So the GBP gets smashed on Friday and now we are getting comments from Swiss National Bank Governor Jordan

Is it just my tin hat is too tight or is this guy never far away when a currency COLLAPSES in an, ummmmm, disorderly fashion? I'm guessing its my hat in this instance ... still though .... ;-)

Jordan was speaking with Bloomberg TV on SNB policy (reminder, a negative 0.75% rate and threats to intervene in the CHF ... unless he changes his mind of course :-D ). He said the bank will cut further into negative territory if they have too:

  • "We have still some room to go further if necessary. It makes, definitely, sense for Switzerland"
  • And on the CHF: "a lot of evidence that the exchange rate channel is working"

Thanks to Bloomberg for the report

And via Reuters, more from Jordan

  • Says the SWF remains "significantly overvalued"
  • Ratea aren't changing any time soon
  • "We are convinced for the time being that our monetary policy is minus 75 basis points"
  • "We also said that we have the potential to lower rates if necessary, but for the time being this policy is working and the combination of the two pillars is the right one"

-

ps. Bloomberg's most recent survey of economists/analysts shows there are plenty thinking rates are headed to negative 1.25% in the hilly country

Swiss rates.

CHF.

Even GBP!

Dive, dive, dive!