SNB's Jordan: Higher inflation has not justified interest rate hike

Swiss National Bank Chairman Thomas Jordan said on Friday that higher inflation in Switzerland has not yet justified an interest rate hike, as reported by Reuters.

Additional takeaways

"Seeing Swiss inflation as moderate and likely to decline in foreseeable future."

"We do not react mechanically to every case of upward pressure on the Swiss franc."

"Higher inflation abroad means Swiss economy can cope with a stronger franc."

"Higher inflation abroad and stronger Swiss franc cancel each other out."

Market reaction

USD/CHF pair edged lower despite these comments and was last seen trading at 0.9693, where it was down 0.3% on a daily basis.