SNB’s Schlegel: Policy rate remains our main tool

Vishal Chaturvedi FXStreet

Swiss National Bank (SNB) Chairman Martin Schlegel said the policy rate remains the central bank’s main tool during a speech titled “Transmission and conduct of monetary policy in Switzerland” at a conference in Zurich on Thursday.

Key takeaways

SNB’s main tool is the policy rate; if necessary, it also uses other measures like forex interventions.

SNB has met the price stability goal so far this century.

Our monetary policy strategy works across a broad range of circumstances.

The Swiss Franc has relatively strong safe-haven properties compared to other currencies.

Switzerland is highly exposed to external economic shocks.

SNB doesn’t believe in using forward guidance.

We have the right tools to fight inflation in the future.

At present, we don’t see a broadening of price pressures in Switzerland.

Swiss inflation at the moment is mainly limited to fuel and energy.

Swiss Franc Price Today

The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the strongest against the Canadian Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.10%	0.04%	0.00%	0.13%	0.06%	-0.03%	0.14%
EUR	-0.10%		-0.05%	-0.12%	0.03%	-0.04%	-0.14%	0.03%
GBP	-0.04%	0.05%		-0.06%	0.08%	0.00%	-0.08%	0.08%
JPY	0.00%	0.12%	0.06%		0.14%	0.07%	-0.04%	0.14%
CAD	-0.13%	-0.03%	-0.08%	-0.14%		-0.07%	-0.17%	0.00%
AUD	-0.06%	0.04%	-0.01%	-0.07%	0.07%		-0.08%	0.07%
NZD	0.03%	0.14%	0.08%	0.04%	0.17%	0.08%		0.19%
CHF	-0.14%	-0.03%	-0.08%	-0.14%	-0.00%	-0.07%	-0.19%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).

Author

Vishal Chaturvedi

FXStreet

I am a macro-focused research analyst with over four years of experience covering forex and commodities market. I enjoy breaking down complex economic trends and turning them into clear, actionable insights that help traders stay ahead of the curve.

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