SNB: Remains prepared to intervene in FX market if necessary
The Swiss National Bank (SNB) said in a statement on Monday, it “remains prepared to intervene in FX market if necessary” when asked about the exchange rate value.
Additional takeaways
Franc is currently sought after as a refuge currency.
Franc appreciation also reflects the inflation differential between Switzerland and other countries.
The franc continues to be highly valued.
SNB looks at overall currency situation.
Individual currency pairs do not play a special role.
These comments come after EUR/CHF hit parity on Friday, the first time since the central bank abandoned the cap on the currency's value against the euro in 2015.
Market reaction
EUR/CHF was last seen trading at 1.0034, up 0.25% on the day while USD/CHF is rallying 0.82% to trade around 0.9240.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
