SNB's Zurbruegg: We still have room to manoeuver on rates and FX intervention

Zurbruegg comments in local newspaper

• There are no signs of money hoarding
• SNB keeping eyes on what other central banks do
• Virus makes rapid return to normal policy more unrealistic

The crux of the problem for the SNB is that rate differentials are what matters. If you're getting negative rates everywhere then the franc suddenly becomes relatively attractive again, especially in a poor economy.