SNB head Thomas Jordan speaking at the SNB press conference
- Long-term inflationary pressure has not increased
- Expansionary monetary policy remains appropriate to support recovery and price stability
- Depreciation of CHF shows safe havens are less sought after, but CHF development still fragile
Jordan is done now. Just some basic comments - reiterating the "highly valued" CHF basically.
Now the other governors will be speaking. I'll put up the headlines for the others as they are already out. Seems like their statements has been pre-meditated and the texts have been passed along.
SNB's Zurbruegg:
- Move away from CHF Libor has no impact on SNB monetary policy stance
- Period until end of 2021 should be used by market participants to ensure orderly transition from Libor
SNB's Maechler:
- Situation on FX market remains fragile
- Risk of renewed CHF appreciation remains, particularly if risk aversion returns
- Investors are prepared to pay higher premium to hedge against CHF appreciation than depreciation
Pretty much a repeat of the SNB statement earlier. CHF continues to weaken though. USD/CHF is up to 0.9881 as the dollar gains more strength while EUR/CHF hit session highs of 1.1683.
