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SNB' Jordan Says Inflation Is Significantly Too High

SWITZERLAND
  • SNB’s Jordan speaking about the Swiss economy and monetary policy at an event hosted by the University of Zurich. Comments as follows:
    • SNB must act to reach price stability in medium term
    • Swiss economy slowing but labor market dried up
    • SNB's monetary policy is still too loose
    • Cannot exclude that we have to further tighten
    • Inflation is significantly too high
    • We can raise rates but also sell FX
    • Our forecasts currently have very high uncertainty (BBG)
  • A very minor downtick in EURCHF since the governor has begun speaking, slipping back into negative territory on the session and narrowing the gap with the overnight lows of 0.9926.
  • Overall, following the stalled momentum above the 1.00 mark for EURCHF, attention may now turn to the February lows around 0.9847 as we approach the central bank’s next meeting on March 23.
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