SNB’s Zurbruegg: Central Bank ready for Brexit

The Swiss National Bank's (SNB) Vice-Chairman Fritz Zurbruegg crossed the wires in the last minutes saying the SNB stands ready for Brexit and is prepared to take any measures if needed. Although these comments suggest that the SNB could intervene in the FX markets if the CHF were to gain value as a safe-haven in case of a disorderly Brexit, the SNB's stance on that matter is no surprise to the market participants. Hence, the USD/CHF stays in the upper half of its daily range above the parity mark.