Comments from SNB's Zurbruegg and Moser:
SNB Governing Board member Zurbruegg:
- SNB will intervene "as necessary in order to influence monetary conditions"
- Forecasts show that negative inflation is temporary
- Swiss franc significantly overvalued
- Doesn't expect 'sustained negative inflation'
- Confident economy can cope with strong franc
"Let me emphasize that the exit from the minimum exchange rate does not mean that we will simply be a passive observer of the foreign-exchange market in future," he said.
Comments from SNB alternate governing board member Moser:
- Expect the franc will weaken significantly over time
- SNB "operationally ready at any time" to intervene
The comments hit at the same time. They have made similar comments in the past but it caused EUR/USD to fall to 1.0489 from 1.0508.
