SNB keeps rates-on hold at -0.75%, USD/CHF battles 0.9250
|- The SNB made no changes to its monetary policy settings in September.
- USD/CHF remains pressured near 0.9250 on the SNB verdict.
At the September quarter monetary policy assessment this Thursday, the Swiss National Bank (SNB) board members decided to leave the monetary policy settings unchanged yet again.
The SNB maintained the key sight deposit rate steady at -0.75% while leaving the 3-Month Libor Target Range unchanged between -1.25% to -0.25%, as widely expected.
The Swiss franc shrugs off the SNB status-quo, with USD/CHF remaining pressured near 0.7250. The spot sheds 0.13% on the day, now trading at 0.7249 amid a broad US dollar retreat.
Summary of the statement
It will remain active in foreign exchange markets as necessary.
Will remain active in foreign exchange markets.
Swiss franc is highly valued.
Downward revision of GDP forecast is primarily attributable to the development of consumer-related industries such as the trade industry and hospitality, which performed less dynamically than expected.
GDP likely to return to its pre-crisis level in the second half of the year.
Overall production capacity will remain underutilized for some time yet.
Vulnerability of the mortgage and real estate markets has increased further.
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