Swiss National Bank's Ms Andréa M Maechler has crossed the wires saying that raising interest rates was intended to send a clear signal that the SNB is determined to bring down inflation.

Key comments

• We see a weakening in the swiss economy but no recession.   
• Declines comment on possible further interest rate moves.  
• Potential losses by central bank do not influence monetary policy.
• Recent rise in swiss franc has helped dampen inflation.
• Now is not the time to reduce central bank's balance sheet. 
• Central bank ready to buy foreign currencies if franc too strong, buy francs if currency is too weak.
• A set level for franc exchange rate is not important, it is the impact the exchange rate has on inflation.

Meanwhile, USD/CHF is higher by some 1.25% as the US dollar extends its bullish cycle to fresh highs on Monday in the DXY to 114.58.