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Vice Chairman of the Swiss National Bank (SNB), Fritz Zurbruegg, recently crossed wires while appearing for an interview with the Swiss Newspaper Neue Zuercher Zeitung. The policymaker showed readiness to intervene into the markets, if needed, without caring if the US terms them the currency manipulator.

Key quotes

There is no limit to how far bank’s balance sheet can expand.

Currency interventions are vital.

Monetary policy cannot cushion economic effect of the coronavirus (COVID-19).

Not concerned about possibility of being named a currency manipulator by the US.

Market reaction

Although the news should be observed with a pinch of salt, USD/CHF stays pressured around 0.9470 following the release.