SNB board member speaking in Rueschlikon 30 March
- Swiss recovery not yet broad based
- expansive mon pol needs to continue
- CHF still significantly overvalued
- will scrap neg rates as soon as we can but at the moment its necessary
" We only intervene if we're sure, if we're totally convinced , that the costs of the intervention are less than the advantages. If no longer convinced that every unit of FX purchased doesn't have sufficient benefit for Switzerland, we'll stop intervening"
That's not going to happen any time soon so they will continue to step in to weaken the franc. Or, as they say, to stop it strengthening.
USDCHF heads higher again with general USD demand prevailing. EURCHF still dribbling lower at 1.0709
