SNB's Jordan: Franc is highly valued, SNB has scope to cut rates further

The coronavirus has been a factor in Swiss franc's recent appreciation and the currency remains highly valued, Swiss National Bank Chairman Thomas Jordan told the Frankfurter Allgemeine Zeitung in an interview and added that the bank has scope to cut rates further.

"Overall risks have not reduced, therefore the current monetary policy is correct," Jordan said, per Reuters, and noted that they are sticking with negative interest rates and currency interventions if needed. 

USD/CHF reaction

The USD/CHF pair largely ignored these comments and was last seen trading at 0.9693, adding 0.37% on a daily basis.