Swiss National Bank decision now out

  • 3month Libor lower target 1.25%
  • 3month Libor upper target -0.25%
  • deposit rate -0.75%

As widely expected

  • mon pol to remain expansionary
  • sees 2015 GDP at close to 1% as prev
  • sees 2015 inflation at -1.1%
  • CHF still significantly overvalued
  • CHF should continue to weaken over time
  • SNB to remain active in fx market as necessary
  • negative interest rates and SNB willingness to intervene in FX market are intended to ease pressure on franc

EURCHF had a quick look at 1.0800 but the expected dip-demand prevailing so far

All tame stuff so far

Full statement here

SNB will hold press conference at 09.00 GMT as usual