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The Swiss National Bank (SNB) said on Friday that it acknowledges the US Treasury report and noted that it is no longer described as a currency manipulator, per Reuters.

Additional takeaways

“Currency interventions not aimed at impacting the balance of payments or giving the country an unfair competitive advantage.”

“Currency interventions necessary to ensure price stability, appropriate monetary conditions.”

“Monetary policy is unchanged, remains ready to intervene in forex markets due to highly valued franc.”

“Will continue dialogue with US Treasury and remain  in regular contact.”

Market reaction

The USD/CHF pair showed no immediate reaction to these remarks and was last seen trading at 0.9188, where it was down 0.42% on a daily basis.