- The SNB has made no changes to its monetary policy adjustments in September.
- USD / CHF remains pressured near 0.9250 following the SNB decision.
In the evaluation of the monetary policy of the September quarter of this Thursday, the members of the board of directors of the Swiss National Bank (SNB) have decided to leave the monetary policy configuration unchanged one more time.
The SNB maintains demand deposit rate unchanged at -0.75% while holding the 3-month Libor target range unchanged between -1.25% and -0.25%, as widely expected.
The Swiss franc ignores this largely expected unchanged decision from the SNB, with USD / CHF pressed near 0.7250. The pair is down 0.13% on the day, now trading at 0.7249 amid a broad pullback in the US dollar.
Statement summary
Will remain active in currency markets as necessary.
The Swiss franc is highly valued.
The downward revision of GDP forecasts is mainly attributable to the development of consumer-related industries, such as the commerce and hospitality industry, which had a less dynamic performance than expected.
GDP is likely to return to its pre-crisis level in the second half of the year.
Total production capacity will continue to be under-utilized for some time.
The vulnerability of the mortgage and real estate markets has increased further.
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