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Swiss National Bank (SNB) Chairman Thomas Jordan declined to comment if SNB was active in FX market after US election but reiterated the central bank's commitment to keep upside in CHF under check.
Data released on Monday showed that Swiss sight deposits (amount of cash kept with the SNB) rose last week by the most since Brexit vote, suggesting the SNB stepped into currency markets in the aftermath of the U.S. election.
The Italian referendum which is scheduled on Dec 4th could trigger uncertainty and a rush into the safe-haven Swiss franc, pushing it higher against the euro. Jordan echoed governing board member Andrea Maechler's views saying that the SNB is ready to intervene in currency market if necessary.
Jordan said that Swiss National Bank believes its negative interest rate policy has the backing of the Swiss public. The SNB has kept interest rates in negative territory at -0.75 percent since January 2015, part of the central bank's efforts to weaken demand for the Swiss.
"As far as Switzerland is concerned, we detect very broad support for both the SNB's monetary policy and its independence," Jordan said in the interview published in Swiss newspaper Tages-Anzeiger on Thursday.
