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SNB maintains the EUR/CHF 1.20 peg

As it was widely expected, the Swiss National Bank kept its 3-month target rate at 0.00-0.25%. The EUR/CHF cap was maintained at 1.2000. The regulator underlined it is ready to buy unlimited quantities of foreign currency if needed. 

The SNB sees moderate recovery of Swiss economy continuing: the economy is expected to expand by 2% in 2014. However, substantial downside risks still remain. The swiss franc remains elevated. 

Full SNB statement

According to analysts at UBS, the Swiss central bank will follow the ECB in lowering rates if EUR/CHF falls to the 1.2000 peg. 

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