SNB: Currency interventions purely motivated by monetary policy

In response to the US' decision to include Switzerland in its list of currency manipulators, the Swiss National Bank (SNB) said that its currency interventions are purely motivated by the monetary policy and added that they do not intend to provide Switzerland with an unfair advantage via an undervalued franc.

The SNB also noted that it details its FX interventions clearly in its annual report.

The USD/CHF pair recovered its daily losses and was last seen trading at 0.9705, where it was virtually flat on the day.