The Swiss National Bank will once again stress after its meeting on 15th June that it remains prepared to act to prevent any significant renewed appreciation of the Swiss franc. Granted, the recent depreciation of the currency against the euro, as political risks in the euro-zone have diminished, has eased the pressure on the Bank. But with inflation still only just above zero and consumer inflation expectations very low, the SNB won’t want to give even the merest hint that it is prepared to tolerate a stronger franc.
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