Thomas Jordan: "CHF is highly overrated."

10.12.2015 / 11:55

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Thomas J. Jordan (the chairman of the governing board of the Swiss National Bank) after the meeting said that the CHF is highly overestimated. According to the statement, the bank is ready to active interventions in the currency market in order to reduce the current nominal exchange rates against the Swiss currency. Meanwhile, the base rate was kept at a negative level -0.75% and month LIBOR was maintained in the range of -0.25% / - 1.25%. All as expected.

Jordan commented on the recent SNB forecast data for the GDP of Switzerland, the growth of which is already forecast of below 1% for 2015 and 1.5% growth in 2016. Problems can arise from inflationary decline is expected by the end of the year to -1.1%, but for the next Jordan is optimistic -0.5%. Problems with cheap (such as interest), but expensive (such as exchange rate) CHF suggests activity of CB in the direction of its reduction by volume unexpected interventions. The reaction of the market is not very active, but shows a tendency to rise in the USD/CHF immediately after the statement.

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Thomas Jordan: "CHF is highly overrated."

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