SNB Quarterly Bulletin: CHF is highly valued, situation on FX market is still fragile

Below are the key takeaways from the Swiss National Bank's (SNB) recently released Quarterly Bulletin.

• The SNB will remain active in the foreign exchange market as necessary, while taking the overall currency situation into consideration. 
• Since the monetary policy assessment of June 2018, the Swiss franc has appreciated noticeably.
• The Swiss franc is highly valued, and the situation on the foreign exchange market is still fragile. 
• For 2018, the SNB continues to anticipate inflation of 0.9%, while the inflation forecast of 0.8% for 2019 is 0.1 percentage points lower than projected at the last assessment. 
• Economic signals for the coming months remain favourable.
• However, following strong growth in the previous quarters, the pace is expected to slow slightly.
• To date,  the crises of confidence in Turkey and Argentina have not materially impacted the global economic outlook.