The Swiss National Bank left its three month libor target rate without change in line with market forecasts at 0.25%. The statement from the Central Bank outlines their commitment to supplying liquidity and safeguarding the Swiss franc versus the euro.
It seems that after the positive retail numbers the SNB has revised its GDP growth estimates, and now expect Switzerland’s economy to fall between 1.5% and 2%. Although it may not seem like a positive it is because of their earlier forecast of a fall between 2.5% and 3%. Rising unemployment and a deepening recession might convince the Swiss National Bank to return to its previous estimate.
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