SNB’s Schlegel: Our principal tool remains the policy rate

The policy rate continues to be the Swiss National Bank’s (SNB) principal monetary policy instrument, Chairman Martin Schlegel said on Thursday. He was speaking at a conference in Zurich in an address titled “Transmission and conduct of monetary policy in Switzerland”.

Schlegel Reaffirms SNB’s Policy Approach

While the policy rate is the SNB’s primary instrument, it also deploys measures such as foreign exchange interventions when needed.

So far this century, the SNB has achieved its price stability objective.

Across a wide range of conditions, our monetary policy strategy remains effective.

Compared with other currencies, the Swiss franc has relatively pronounced safe-haven characteristics.

External economic shocks leave Switzerland particularly exposed.

The use of forward guidance is not an approach the SNB believes in.

To tackle inflation in the future, we have the appropriate tools.

We currently see no signs of price pressures becoming more widespread in Switzerland.

Fuel and energy account for most of Switzerland’s inflation at present.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Swiss Franc Performs Best Against Canadian Dollar Today

Against the major currencies listed below, the Swiss franc (CHF) recorded its strongest performance today versus the Canadian dollar. The table sets out today’s percentage changes for each pair.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.10%	0.04%	0.00%	0.13%	0.06%	-0.03%	0.14%
EUR	-0.10%		-0.05%	-0.12%	0.03%	-0.04%	-0.14%	0.03%
GBP	-0.04%	0.05%		-0.06%	0.08%	0.00%	-0.08%	0.08%
JPY	0.00%	0.12%	0.06%		0.14%	0.07%	-0.04%	0.14%
CAD	-0.13%	-0.03%	-0.08%	-0.14%		-0.07%	-0.17%	0.00%
AUD	-0.06%	0.04%	-0.01%	-0.07%	0.07%		-0.08%	0.07%
NZD	0.03%	0.14%	0.08%	0.04%	0.17%	0.08%		0.19%
CHF	-0.14%	-0.03%	-0.08%	-0.14%	-0.00%	-0.07%	-0.19%

Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. To read CHF (base)/USD (quote), for instance, locate the Swiss franc in the left-hand column, then follow that row across to the US dollar. The intersecting cell gives the percentage change for the pair.