27 Jan 2015
SNB ready to intervene in FX market – AceTrader
FXStreet (Barcelona) - The AceTrader Team cites SNB’s Vice Chairman’s comments that SNB is ready to intervene in the FX market and that the central bank is considering an exchange rate not only with the euro but with the Dollar too.
Key Quotes
“Today SNB's Vice Chairman Jean-Pierre Danthine, (he said 2 week ago on Monday the central bank would maintain the peg but 3 days later, SNB unpegged the franc cap) he said in an interview on Tuesday the SNB is ready to intervene in the foreign currency market to ease monetary policy after ditching its cap on the Swiss franc earlier this month.”
“Dantine told Swiss national daily TagesAnzeiger "Giving up the cap means a tightening of monetary policy. We accept this, but only up to a point. We are fundamentally prepared to intervene in the FX market”."
“He then said it would take some time for the FX markets to balance out, but declined to give exact levels, saying the central bank was not only looking at the exchange rate with the euro but also with the dollar.”
Key Quotes
“Today SNB's Vice Chairman Jean-Pierre Danthine, (he said 2 week ago on Monday the central bank would maintain the peg but 3 days later, SNB unpegged the franc cap) he said in an interview on Tuesday the SNB is ready to intervene in the foreign currency market to ease monetary policy after ditching its cap on the Swiss franc earlier this month.”
“Dantine told Swiss national daily TagesAnzeiger "Giving up the cap means a tightening of monetary policy. We accept this, but only up to a point. We are fundamentally prepared to intervene in the FX market”."
“He then said it would take some time for the FX markets to balance out, but declined to give exact levels, saying the central bank was not only looking at the exchange rate with the euro but also with the dollar.”