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Swiss National Bank (SNB) Chairman Thomas Jordan on Wednesday argued that the monetary policy with negative interest rate and readiness for intervention was still necessary.

“Imbalances on swiss real estate market persist,” Jordan added while testifying before the government. “The situation on foreign exchange markets remains fragile, swiss franc remains highly valued.”

The USD/CHF pair largely ignored these comments and was last seen trading at 0.9900, losing 0.3% on a daily basis. Later in the session, markets will be paying close attention to Federal Open Market Committee (FOMC) Chairman Jerome Powell’s speech.