Martin Schlegel, chairman of the Swiss National Bank (SNB), is speaking at a press conference following the monetary policy assessment in June, during which the central bank maintained interest rates at zero percent.
Important quotes
Higher energy prices have caused Swiss inflation to increase recently, although the country's mid-term inflationary pressure has not increased. We are more prepared to intervene in the foreign exchange market if needed.
Swiss inflation has increased less than in other nations and is still within the desired range.
The expansionary impact of our monetary policy is still present.
Before falling in the first half of 2027, inflation will continue to grow marginally in the upcoming quarters.
There is still a danger of significant upward pressure on the franc due to geopolitical uncertainty.
Energy markets are heavily impacted by the Middle East scenario, and uncertainty is still quite high.
It is impossible to determine whether we are more or less prepared to intervene in the foreign exchange market if necessary.
When it comes to interventions, the Franc has somewhat waned since the previous meeting.
The currency rate, the interest rate differential to the ECB, and our heightened preparedness to intervene are all influenced by numerous factors.
Trade and geopolitical instability are extremely high.
Delisting SNB is not planned.
The state of affairs in the Middle East will determine future developments.
The possibility that current Middle East de-escalation is simply temporary cannot be ruled out.
Reaction of the market
Following these remarks, USD/CHF is maintaining slight gains at about 0.8000.
Important quotes
Higher energy prices have caused Swiss inflation to increase recently, although the country's mid-term inflationary pressure has not increased. We are more prepared to intervene in the foreign exchange market if needed.
Swiss inflation has increased less than in other nations and is still within the desired range.
The expansionary impact of our monetary policy is still present.
Before falling in the first half of 2027, inflation will continue to grow marginally in the upcoming quarters.
There is still a danger of significant upward pressure on the franc due to geopolitical uncertainty.
Energy markets are heavily impacted by the Middle East scenario, and uncertainty is still quite high.
It is impossible to determine whether we are more or less prepared to intervene in the foreign exchange market if necessary.
When it comes to interventions, the Franc has somewhat waned since the previous meeting.
The currency rate, the interest rate differential to the ECB, and our heightened preparedness to intervene are all influenced by numerous factors.
Trade and geopolitical instability are extremely high.
Delisting SNB is not planned.
The state of affairs in the Middle East will determine future developments.
The possibility that current Middle East de-escalation is simply temporary cannot be ruled out.
Reaction of the market
Following these remarks, USD/CHF is maintaining slight gains at about 0.8000.
