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The Swiss National Bank (SNB) has room to cut interest rates further if necessary but -0.75% is seen as the right level currently, SNB Chairman Thomas Jordan said on Wednesday.

Key quotes

“Will continue the policy as necessary, can continue enlarging balance sheet so long as benefits outweigh costs.”

“Swiss franc is highly valued.”

“We have no intention to buy or sell gold, but that can change over time.”

Market reaction

The USD/CHF pair rose above 0.9700 with the initial reaction but retreated slightly. As of writing, the pair was up 0.42% on the day at 0.9695.