SNB’s Jordan: SNB will monitor inflation closely and adjust policy again when necessary

Swiss National Bank (SNB) Chairman Thomas J. Jordan speaks at the SNB’s General Meeting of Shareholders.

Key Quotes

SNB has been successful in fight against inflation.

Uncertainty remains elevated, shocks can occur at any time.

We should not be sidetracked from focus on price stability.

Demands of critics for SNB to broaden mandate are dangerous.

Market Reaction

USD/CHF falls to 0.9100, weighed down by subdued US Dollar. The US Dollar remains under pressure as weaker US Q1 Gross Domestic Product (GDP) growth has raised doubts for the economic outlook. The pair is expected to face sheer volatility after the release of the US core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published at 12:30 GMT.