SNB shows willingness to intervene in FX market as needed
|The SNB left its expansionary monetary policy unchanged at its policy meeting today.
Following are main headlines from the policy statement:
Inflation to rise to 2.1% in Q3 2020.
Sees 2017 inflation at 0.5%.
Sees 2018 inflation at 0.7%.
Sees 2019 inflation at 1.1%.
Swiss franc overvaluation has continued to decrease, yet the franc remains highly valued.
Remains active in the currency market.
CHF fall reflects that safe havens are less sought after.
Willingness to intervene in FX market as needed.
Expects GDP growth of 2% in 2018.
Recovery in Swiss economy looks set to continue.
Inflation forecast for coming quarters is higher, due to higher oil prices and CHF weakening.
Renewed appreciation of CHF will be a threat to price and economic developments.
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