SNB: Willingness to intervene in FX market as necessary remains essential

In its Quarterly Bulletin, the Swiss National Bank (SNB) reiterated that the negative interest rate and the bank's willingness to intervene in the foreign exchange market as necessary remain essential in order to ease the pressure on the CHF. The USD/CHF pair didn't show a reaction to the SNB's remarks and was last seen moving sideways near 0.9970, losing 0.3% on the day.

"Inflationary pressure is likely to remain moderate. The risks to this baseline scenario are still to the downside," noted the SNB. "However, they are more pronounced than at the SNB’s previous monetary policy assessment."

"The SNB continues to expect the economy to grow by around 1.5% in 2019. As is the case with the global economy, the risks for this scenario remain to the downside."