SNB Quarterly Bulletin: SNB will remain active in FX market as necessary

Eren Sengezer FXStreet

The Swiss National Bank just released its Quarterly Bulletin, with the key quotes found below:

The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, with the aim of stabilising price developments and supporting economic activity
The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration
The negative interest rate and the SNB’s willingness to intervene in the foreign exchange market are intended to make Swiss franc investments less attractive
The SNB continues to anticipate an inflation rate of 0.3% for the current year. For 2018, the forecast has fallen slightly to 0.3%, from 0.4% in the previous quarter. For 2019, it now expects inflation of 1.0%, compared to 1.1% last quarter
In its new baseline scenario for the global economy, the SNB anticipates that economic developments will remain favourable

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.