The comments from Swiss National Bank (SNB) policymaker Petra Tschudin released during the European trading session on Wednesday indicate that medium-term inflation pressures remain unchanged and the central bank is ready to intervene in the FX market if necessary.
Market reaction No immediate action was seen in the Swiss Franc (CHF) following comments from SNB’s Tschudin
At press time, USD/CHF trades 0.35% higher to near 0.8125 due to the US Dollar’s strength. SNB FAQs The Swiss National Bank (SNB) is the country’s central bank. As an independent central bank, its mandate is to ensure price stability in the medium and long term.
To ensure price stability, the SNB aims to maintain appropriate monetary conditions, which are determined by the interest rate level and exchange rates. For the SNB, price stability means a rise in the Swiss Consumer Price Index (CPI) of less than 2% per year. The Swiss National Bank (SNB) Governing Board decides the appropriate level of its policy rate according to its price stability objective.