Swiss monetary policy is unchanged

Source: Dukascopy Bank SA
On September 23, the Swiss National Bank announced its monetary policy for the near term future. In general, the bank stated that it sees its policy as suitable and would not change anything. Moreover, the Chairman of the bank stated in a press conference afterwards that there is no reason to change the policy.

Quoting the statement: " The SNB is maintaining its expansionary monetary policy with a view to ensuring price stability and providing ongoing support to the Swiss economy in its recovery from the impact of the coronavirus pandemic. It is keeping the SNB policy rate and interest on sight deposits at the SNB at −0.75%, and remains willing to intervene in the foreign exchange market as necessary, in order to counter upward pressure on the Swiss franc. In so doing, it takes the overall currency situation into consideration. The Swiss franc remains highly valued.

Statement on Monetary Policy

Monetary policy assessment of 23 September 2021

On the announcement, the USD/CHF reversed a 22 base point drop and surged by ten pips.

On a larger scale, the announcement did not cause an increase of volatility.

Initial Reaction

Larger scale situation

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