SNB: Will remain active in FX market as necessary

Here are some of the key highlight from the Swiss National Bank (SNB) quarterly monetary policy assessment:

• It remains willing to intervene more strongly in the FX market in light of the highly valued CHF.
• Coronavirus pandemic has led to a severe downturn in economic activity.
• Sees inflation this year at -0.7%, -0.2% in 2021 and +0.2% in 2022.
• The overall GDP is likely to contract by 6% this year.
• Inflation and growth forecasts are subject to unusually high uncertainty.