Swiss Central Bank leaves rates unchanged

The SNB kept the benchmark interest rate target at 0.25% today. Jean-Pierre Roth, president of the Central Bank, declared that the economic situation in Switzerland is not ready for a correction, but at the same time relaxation of monetary policy is not necessary.

The Central Bank has pledged to intervene in the foreign exchange market to keep the CHF from appreciating against the Euro. No details were given on past or future interventions as the Bank feels that they are more effective as market participants don’t know what will trigger them.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza