SNB chairman repeating previous rhetoric 25 July 2016
- doesn't need to adjust policy despite Brexit risks
- full consequences of Brexit not clear.
- SNB still has appropriate room on interventions
- significantly overvalued CHF remains a concern
Speaking in China Jordan has said:
"The low level of interest rates is of course not ideal for foreign-currency reserve management, but monetary policy is expansionary everywhere.That's an environment we can't change and we have to adjust our investment policy accordingly."
"There clearly are risks but whether they materialize or not is not in the hand of Switzerland.It depends on the decisions Europe will take and how strongly they will affect the global economy and financial markets and we hope, of course, that sensible decisions will be taken."
Markets suitably unimpressed by the repetition but we know the SNB will continue to be ever present and keep smoothing as they deem necessary.
USDCHF 0.9855 EURCHF 1.0829 both still near session lows.
SNB boss Thomas Jordan in repetitive mode
