SNB Quarterly Bulletin: SNB will remain active in the foreign exchange market as necessary

The Swiss National Bank has recently published its quarterly assessment of June 2018 with key highlights found below.

• The Swiss National Bank (SNB) is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity.
• The SNB will remain active in the foreign exchange market as necessary.
• Following the March assessment, the Swiss franc initially depreciated slightly against the US dollar and the euro.
  • However, in light of political uncertainty in Italy, there has since been discernible countermovement, particularly against the euro.
• The new conditional inflation forecast for the coming quarters is slightly higher than it was in March 2018 due to a marked rise in the price of oil.
• The economic signals for the coming months remain favourable.
  • The SNB’s baseline scenario therefore assumes that the global economy will continue to grow above its potential.