Swiss National Bank (SNB) Chairman Thomas Jordan said on Wednesday that Credit Suisse situation was caused by a lack of trust by market participants in the bank rather than rising interest rates, per Reuters.

Jordan further reiterated that they have to bring inflation back below 2% as soon as possible and noted that sees inflation risks higher than deflation in the future, due to deglobalisation.

Market reaction

USD/CHF retreated modestly from the multi-month high it set near 0.9150 earlier in the day and was last seen trading at 0.9125, where it was still up 0.75% on a daily basis.