Forex euro – Swiss franc intervention comments from the SNB, denying 1.05 is the new informal limit.
From Andrea Maechler, member of the Executive Board of the Swiss National Bank (SNB), in an interview with the Swiss newspaper Neue Zuercher Zeitung.
- The SNB intervenes on the foreign exchange market because, in this crisis, the Swiss franc has once again become a refuge and the pressure of appreciation has increased sharply.
- the reinforcement would be much more pronounced if we were not ready to intervene more. Currently, all safe havens are under pressure to appreciate, alongside the franc, the dollar and the yen.
- our interventions are currently necessary to ward off damage from the swiss economy
At the 1.05 euro-franc level, Maechler was questioned “Is the SNB currently setting a new informal minimum rate?”
- No. We are looking at the monetary situation as a whole. Of course, the exchange rate of the euro is important because of the close trade relations with Europe. We also take into account other currencies.
Maechler also spoke about cryptography, stock and bond purchases, and more. The interview is here (link, can be closed)