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Andréa M. Maechler,  a member of the Governing Board of the SNB, recently crossed the wires arguing  that they were still in need of an expansionary monetary policy. “Current monetary policy works in global context,” Maechler added. There was no apparent reaction to these remarks and the USD/CHF pair was last seen consolidating its daily gains near 0.9970, where it was up 0.5% on a daily basis.