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The Swiss National Bank (SNB) left its benchmark interest rate unchanged at record-low levels, and maintained its target band for 3-month Libor at -0.25 to -1.25 percent and the interest rate it charges on sight deposits at -0.75 percent.
The bank said that the Swiss franc is still significantly overvalued and reiterated the SNB's willingness to intervene in the foreign exchange market if required. In the press conference that followed, Swiss National Bank Chairman Jordan said that there were no limits on expanding the SNB's balance sheet.
Jordan said that SNB is willing to intervene to expand balance sheet as long as benefits outweigh costs and balance sheet is an instrument to be used in connection with fx intervention. Jordan said that negative rates is not an easy situation for financial sector. However, he kept alive the possibility for further rate cuts by saying that "the central bank can’t exclude another rate cut".
"Besides, an overvalued currency, there are a multitude of political uncertainties which are particularly associated with the future course of economic policy in the U.S., upcoming elections in several countries in the euro area as well as the complex and arduous exit negotiations between the UK and the EU," Reuters reported, citing the central bank’s statement.
The franc held steady against the greenback with the trading at 1.0240, following a decline to nearly 11-month low of 1.0256 in the Asian session. The pair was valued at 1.0201 when it finished Wednesday's trading. The Swiss currency retreated to 1.0751 against the euro, off a 3-day peak of 1.0727 set early in the Asian session.
FxWirePro's Hourly EUR Spot Index was at -135.81 (Highly bearish) and CHF Spot Index was at 6.3939 (Neutral) at 1210 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
