FXstreet.com (Barcelona) - Today, the SNB (Swiss National Bank) Chairman Thomas J. Jordan spoke at a business event in Pfaeffikon, and showed his determination in defending the EUR/CHF ground at 1.2000. Even knowing, the exchange rate has been trading around 1.2100 most recently, he considers those prices still too low, although having limited the damage to the Swiss economy. Negative inflation should end this year and Switzerland is not expected to fall into recession. While enforcing the EUR/CHF peg, the SNB expects the Swiss Franc to depreciate over time and will take further measures at any time if needed.
Meanwhile, regarding the Eurozone, Jordan says it's too early to know if the euro crisis is easing, but ECB's Draghi OMT program calmed the markets, also making a positive impact in Switzerland. The SNB expects the Eurozone to grow in 2013, with yield data supporting forecast of a gradual EU recovery.
Meanwhile, regarding the Eurozone, Jordan says it's too early to know if the euro crisis is easing, but ECB's Draghi OMT program calmed the markets, also making a positive impact in Switzerland. The SNB expects the Eurozone to grow in 2013, with yield data supporting forecast of a gradual EU recovery.
