The Swiss franc gained today even after Swiss National Bank President Thomas Jordan said that the cap on the currency will remain in place as the economy is not healthy enough to tolerate stronger franc.
Jordan said during the Group of Twenty meeting on the weekend:
We will maintain our current policy for as long as necessary. This monetary policy stance is needed to act within our mandate.
He added that threat of recession and deflation remains, making stronger currency undesirable.
USD/CHF fell from 0.9408 to 0.9353 (its daily low of 0.9321 was lowest since June 25) and EUR/CHF dropped from 1.2363 to 1.2340 as of 15:32 GMT today.
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