SNB’s Jordan: Economic conditions in Switzerland speak for continuation of current monetary policy

Dhwani Mehta FXStreet

Responding to the Q&A, the Swiss Nation Bank (SNB) Chairman Jordan said that it's important to look at the overall situation with negative rates, especially international low-interest rates.

Meanwhile, SNB board member Maechler said that “we are satisfied with banks preparations for change from LIBOR to SARON, but work still to be done”.

Additional Comments from Jordan:

Economic conditions in Switzerland speak for a continuation of current monetary policy.

Swiss inflation would turn negative if we tightened monetary policy.

Interest rate difference remains a very important factor for exchange rates, that's why we have to take international conditions into account.

Meanwhile, USD/CHF is seen on a tepid recovery from three-month lows of 0.9809, as it flirts with 0.9830 level amid a broad USD recovery in tandem with the Treasury yields.

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.

EUR/USD flirts with three-day lows near 1.1570

EUR/USD resumes its march south on Thursday, revisting the 1.1570 region, or three-day lows, ahead of the opening bell in Asia. The intense sell-off in the pair comes in response to the solid performance of the US Dollar amid the still unresolved crisis in the Middle East. Moving forward, investors are expected to shift their focus to the release of the US NFP on Friday.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

XRP rises as crypto market steadies despite Middle East war

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.