Following the decision to leave the policy rate unchanged at 1.75%, Swiss National Bank (SNB) Chairman Thomas Jordan noted that inflationary pressures have decreased slightly but added that uncertainty was still high, per Reuters.

Key quotes

"Inflation is likely to rise in the coming months."

"Swiss inflation forecasts remain within 0-2% target range into 2025."

"We are no longer focusing on forex sales."

"Assessment of upside and downside risks for inflation are currently balanced."

"We will adjust monetary policy if necessary to keep within price stability goal."

"Inflation forecasts within target range over the entire forecast horizon for first time in some time."

Market reaction

USD/CHF retreated slightly following these remarks and the pair was last seen posting small daily losses at around 0.8700.