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The Swiss National Bank Gives an Unusual Comment Reaffirming Its Dedication to Curtail the Franc’s Ascent

Johnathon Fox
03/08/2022 | UPDATED ON: 03/08/2022

The Swiss National Bank (SNB) reaffirmed its commitment to intervene in financial markets to limit the franc’s rise on Monday. This is due to an influx of buyers resulting from the Ukraine war. The franc has since been rallying upward, breaking parity with the euro in the process.

Over the night in Asia, EURCHF plunged to a 0.9910 price level as investors refuge in the Swiss currency. This brings the franc to its highest level since the SNB abandoned its euro attachment in January 2015.

The Swiss National Bank Gives an Unusual Comment Reaffirming Its Dedication to Curtail the Franc’s Ascent.The Swiss Franc, Japanese Yen, and the Us Dollar Are Used as Safe-Haven Currencies

The Swiss National Bank acknowledges that the Swiss franc, Japanese yen, and the US dollar have been identified as safe-haven currencies. Still, they are prepared to interfere in the financial markets should there be a need to curtail the franc.

The central bank’s public involvement is unprecedented after it first expressed in a separate statement in 2016 its concern about the franc’s appreciation following Britain’s vote to quit the European Union.

Alessandro Bee, a UBS economist, said that although the SNB has been relatively comfortable with the Swiss franc’s gain in recent times, a plunge beneath parity will change their approach as equality is considered a vital level psychologically.

The central bank stated that the higher franc valuation recognized inflation differentials between Switzerland and other nations, although it is a risk for Switzerland’s export-driven economy.
The Swiss National Bank Gives an Unusual Comment Reaffirming Its Dedication to Curtail the Franc’s Ascent.Last month, the Swiss CPI increased to 2.2 percent, higher than expected. It last got to this level in 2008, but it is still significantly behind the 5.8 percent figure in the eurozone, Switzerland’s largest export market.

On Monday, the SNB stated that it considered the available currency positions rather than specific currency combinations.

The EURCHF is expected to keep plunging as the Ukraine war intensifies.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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