SNB left rate unchanged
Swiss National Bank left its benchmark rate unchanged at 0-0.25% and said that it will maintain the minimum level for EUR/CHF at 1.2000. SNB’s President Jordan pointed out that he sees high value of CHF continuing.
According to the SNB, there are signs that economic growth may weaken temporarily in Q4. Economic growth forecast for 2013 was unchanged at 1.5-2.0%, while inflation forecast remained at -0.2%. Inflation forecasts for 2014 and 2015 were lowered from 0.3% and 0.7% to 0.2% and 0.6% respectively.
EUR/CHF rose to 1.2244 after it opened with a gap up. USD/CHF rose to 0.8887.