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“Stronger currency market interventions relieve over-valuation pressure on the Swiss franc and protect the Swiss economy,” Swiss National Bank Chairman Thomas Jordan said on Friday.

Additional takeaways

“The franc is a safe-haven, always where there is an increase in uncertainty there is a search for safe havens.”

“The scale of the SNB’s balance sheet has increased due to the intensive use of interventions.”

“Switzerland is not a currency manipulator, has a very strong currency.”

“Currency interventions are the most important instrument at the moment.”

“The Swiss franc is highly valued.”

Market reaction

The USD/CHF extended its daily rally following these remarks and was last seen gaining 0.73% on a daily basis at 0.9160.

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