The SNB’s Hildebrand hasn’t really offered up anything new in his speech with only a couple of comments hitting the wires. He says that the global financial system is showing clear signs of stabilisation and that the economic trough may be near. The inflation data came in tad lower than expected at down 1% y/y, with Core inflation showing a marked slowdown to up 0.8% y/y in May from up 1.1% y/y in April.
Eur/Chf is moving a touch higher as Hildebrand says the SNB will not hesitate to follow through with far reaching monetary policy actions. A thinly veiled threat that they don’t want to see any renewed Swissy strength.