Swiss Nation Bank (SNB) Chairman Thomas Jordan made some remarks at the start of the European session on Tuesday, saying that they had to intervene heavily last year to ease pressure on the Swiss franc.
Additional comments:
It was important to absorb the pressure so that the Swiss franc did not rise too high.
The Swiss franc acts as a safe haven, a thermometer of global uncertainty.
The Swiss economy was a bit tougher than expected last year.
It is estimated that the Swiss GDP will decline by about 3% in 2020.
The economic outlook remains uncertain, the situation remains fragile.
Fiscal and monetary policy should continue to be expansive.
The comments have done little to provide a significant boost to the USD / CHF pair, holding modest losses just above the 0.8950 region.
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