EUR/CHF inching lower, eyes on SNB

The market seems decided to test the SNB’s resolve, as the appreciation of the Swiss franc against the single currency appears to be unstoppable.
SNB’s interim President T.Jordan said yesterday the bank is ready to buy EURCHF in unlimited quantities, in an effort to curb the downside, accelerated after the SNB quarterly meeting last December.

Market participants were casting doubts regarding a change in the stance of the SNB monetary policy after the resignation of former President P.Hildebrand, but further comments by SNB board members have made clear the commitment to defend the CHF 1.20 floor imposed on September 6.

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