DislikedIve been selling EURCHF and mainly GBPCHF for last week+... have been selling rallies and was all going swimmingly until 5 minutes ago... Can you tell me then if my just selling more was completely stupid and its likely to go up more based on those fundies or...??Ignored
Considers swiss franc to be massively overvalued at present
Current strength of swiss franc is threatening development of the economy
Current strength of swiss franc increasing the downside risks to price stability in Switzerland
Narrowing target range for 3-month libor from 0.00-0.75% to 0.00-0.25%
Aiming for a 3-month libor as close to zero as possible
Will very significantly increase the supply of liquidity to the swiss franc money market over the next few days
Intends to expand banks’ sight deposits at the SNB from currently around CHF 30 bln to CHF 80 bln
Will no longer renew repos and SNB bills that fall due and will repurchase outstanding SNB bills
Since SNB’s last quarterly monetary policy assessment, the global economic outlook has worsened
At the same time the appreciation of the swiss franc has accelerated sharply during last few weeks
Consequently, the outlook for the swiss economy has deteriorated substantially
Keeping a close watch on developments on the foreign exchange market
Will take further measures against the strength of the swiss franc if necessary
We live in a finite world with infinite possibilities.