SNB's Jordan is on the wires after the ECB hike rates by 75 basis points today:
- ECB 75 basis point rate hike not fully surprising
- We must ensure price stability over medium-term
- Gas or power stoppages would have devastating impact on economy's
- Exchange rates play a role in inflation , when big central banks act this helps us
- You should not be surprised that SNB acts independently
- It is positive for SNB of major central banks normalize
- It would not create difficulty if the ECB takes 100 basis point hikes
- S&P decides monetary policy and regular meetings unless under severe time pressure
- no decision yet on what to decide at September 22 policy meeting
- next step depends on analysis underway, need to gauge inflationary pressure, exchange rate
- uncertainty about inflation much higher than usual, can't say have reached a peak
- price stability is our mandate of course need to keep impact of policy on economy in mind as well
- Swiss franc rise tends to help rather than hurt
- real effective exchange rate of franc has been astoundingly stable
The EURCHF has taken a move to the downside today and in the process has move back below the 2015 low near 0.97065. It would take a move back above that level to give the buyers a punchers chance.
EURCHF moves below the 2015 low at 0.97065