Swiss National Bank reaffirmed it is maintaining its minimum exchange rate of CHF 1.20 per euro in the quarterly bulletin and reiterated that the value of the swiss franc remains high.
The slow recovery of the global economy continued in the second quarter
Global growth is likely to continue gaining momentum in the coming quarters.
- The outlook for the emerging economies has becomesomewhat more sombre
- The SNB assumes that Europe can sustainably overcome the crisis
Economic indicators point to a continued European recovery in the second half of 2013
SNB forecasts assume EUR/USD at 1.33
- US economy likely to strengthen further
SNB expects increased US momentum towards the end of the year, and estimates GDP growth of 1.5% for 2013 and 2.8% in 2014
- The near-term Japanese economic outlook is positive
