Thomas Jordan on the wires
- Still hard to gauge Brexit impact
- Two pillars of monetary policy are negative rates and FX intervention
- Monetary policy goal is to absorb and reduce upward pressure on franc, support economy and bring back positive inflation
The Swiss franc has been on a tear today with USD/CHF down to 1.0781 from 1.0855 in early European trade. EUR/CHF is also at the lowest since the post-Brexit drop in June.
The bolded is the most-overt reference to intervention I've heard from Jordan in awhile. No reaction from the Swiss though, as it continues to climb today.
