The SNB kept the benchmark interest rate target at 0.25% today. Jean-Pierre Roth, president of the Central Bank, declared that the economic situation in Switzerland is not ready for a correction, but at the same time relaxation of monetary policy is not necessary.
The Central Bank has pledged to intervene in the foreign exchange market to keep the CHF from appreciating against the Euro. No details were given on past or future interventions as the Bank feels that they are more effective as market participants don’t know what will trigger them.
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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