The Swiss franc gained today even as the nation’s Producer Price Index rose last month less than was expected and Swiss National Bank President Thomas Jordan reiterated necessity to keep the cap on the currency.
The Swiss PPI rose just 0.1 percent in September from August, while analysts have expected an increase by 0.3 percent. Jordan said during the International Monetary Fund annual meeting this weekend:
The minimum exchange rate is very important. It remains a crucial tool of our monetary policy in order to avoid a tightening of monetary conditions in Switzerland.
USD/CHF dropped from 0.9091 to 0.9070 as of 13:25 GMT today after rising to 0.9121 earlier. EUR/CHF declined from 1.2331 to 1.2323 following the advance to 1.2357.
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