In a response to the US Treasury report that named Switzerland a currency manipulator, the Swiss National Bank (SNB) said that Switzerland does not engage in any form of currency manipulation, as reported by Reuters. Key takeaways “The SNB’s interventions in the foreign exchange market do not serve the purpose of preventing the balance of payments adjustments or gaining unfair competitive advantages for the swiss economy.” “Foreign exchange market interventions are necessary for Switzerland’s monetary policy to ensure appropriate monetary conditions and therefore price stability.” “The SNB’s monetary policy approach remains unchanged by the US Treasury report.” “In light of the economic situation and the fact that the Swiss franc is still highly valued, the SNB remains willing to intervene more strongly in the foreign exchange market.” “Together with the Swiss authorities, the SNB is in contact with the US authorities to explain Switzerland’s economic situation and monetary policy.” Market reaction The USD/CHF pair’s reaction to this development was largely muted. As of writing, the pair was trading at 0.8845, down 0.12% on a daily basis. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next THETA price reaches new all-time highs while bulls aim for $1 FX Street 2 years In a response to the US Treasury report that named Switzerland a currency manipulator, the Swiss National Bank (SNB) said that Switzerland does not engage in any form of currency manipulation, as reported by Reuters. Key takeaways "The SNB’s interventions in the foreign exchange market do not serve the purpose of preventing the balance of payments adjustments or gaining unfair competitive advantages for the swiss economy." "Foreign exchange market interventions are necessary for Switzerland's monetary policy to ensure appropriate monetary conditions and therefore price stability." "The SNB's monetary policy approach remains unchanged by the US Treasury report." "In light of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
