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Below are the key takeaways from the Swiss National Bank’s (SNB) recently released Quarterly Bulletin.

  • The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration.  
  • Since the monetary policy assessment of June 2018, the  Swiss franc has appreciated noticeably.
  • The Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile.  
  • For 2018, the SNB continues to anticipate inflation of 0.9%, while the inflation forecast of 0.8% for 2019 is 0.1 percentage points lower than projected at the last assessment.  
  • Economic signals for the coming months remain favourable.
  • However, following strong growth in the previous quarters, the pace is expected to slow slightly.
  • To date,   the crises of confidence in Turkey and Argentina have not materially impacted the global economic outlook.