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Swiss National Bank (SNB) Chairman Thomas Jordan said on Wednesday that they do not expect a rapid economic recovery and noted that it was very difficult to make forecasts at the moment.

Additional takeaways

“It is crucial that lockdown restrictions are reduced whenever possible to allow economic recovery.”

“Using negative interest rate and interventions are particularly important at the moment as franc in demand as safe haven.”

“Must ensure monetary conditions remain accommodative in Switzerland.”

“Willing to intervene in currency markets more strongly.”

“Central banks should deal with liquidity and financing, should abstain from financial transfers.”

Market reaction

The USD/CHF pair edged slightly higher and was last seen gaining 0.45% on the day at 0.9698.