SNB Chairman Thomas Jordan’s speech today confirmed its policy plus readiness for intervention.

The Chairman of the Swiss National Bank stressed today in Lausanne readiness for intervention in international exchange markets and also confirmed its policy again. The Bank will continue to apply negative interest rates. According to his words, CHF remains overvalued.

Thomas Jordan acknowledged the problems that creates expensive currency of the Swiss economy, but hinted that the situation will improve soon. The economy, he said, now accepts these difficult conditions.

A week ago the Swiss National Bank kept unchanged the key rate of a negative deposit rate of -0.75%. The meaning of the words of the President is that the growth potential of the global economy will reduce the shock effect of the high value of CHF.

After the shock on 15 January CHF averaged over 15% more expensive. Currency jump make Swiss exports more expensive and imported goods much more attractive to the domestic market. According to “The Economist” more and more residents of the country go shopping in the neighboring countries. On the other hand, the data show that exports to the EU has not decreased as much as could be expected. Currently 44% of Switzerland's exports is actual today in this direction (55% in 2005). The total export of Switzerland this year grew by 1.5%. Domestic consumer spending gradually increased. Investments remain at minimum levels. Deflation risk is real, but so far is unlikely.

The conclusions are that the Swiss National Bank continues the closely monitoring of the effects of the stronger CHF, and is always ready to intervene.

From March 2015 the pair EUR / CHF is moving in the range of 1.0230 to 1.0580. Today the pair is trading around the level 1.0505, carefully.