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The Swiss Nation Bank (SNB) Chairman, Thomas Jordan was out with some comments in the last hour and said that we had to intervene heavily last year to relieve pressure on the Swiss franc.

Key Quotes:

  • Was important to absorb the pressure so Swiss franc did not rise too much.
  • Swiss franc acts as a safe haven, a thermometer of global uncertainty.
  • Swiss economy was a bit more resilient than expected last year.
  • Estimates that Swiss GDP will decline roughly 3% in 2020.
  • The economic outlook remains uncertain, the situation remains fragile.
  • Fiscal and monetary policy will have to remain expansionary.

The comments did little to provide any meaningful impetus to the USD/CHF pair, which was last seen trading with modest losses, just above mid-0.8900s.