Swiss National Bank Vice President Fritz Zurbruegg said "At its current level the Swiss franc remains markedly overvalued ... The depreciation has been positive, but we expect further development in this direction"
Zurbruegg was speaking in an interview with Zentralschweiz am Sonntag newspaper
Also:
- Said current negative rate (at -0.75%) is appropriate for now
- Can't say in advance how low negative rates can go
- Rates will stay low as long as necessary
-
The CHF has appreciated against the plunging EUR in the wake of ECB President Draghi's comments on Thursday. The SNB would like to put a stop to that.
I suspect that comments like this from Zurbruegg are just going to give EUR/CHF sellers a better entry point on Monday.
