SNB's Jordan: Overvalued Swiss franc can pose a problem for Swiss financial industry

Negative interest rate and willingness to intervene in the forex market allow the Swiss National Bank (SNB) to counteract attractiveness of Swiss franc investments, SNB Chairman Thomas Jordan said on Monday, as reported by Reuters.

"In general, an overvalued Swiss franc can pose a problem for the financial industry too," Jordan added but noted that banks have been able to so far withstand the effects of the pandemic well.

Market reaction

The USD/CHF edged slightly higher after these comments and was last seen gaining 0.38% on the day at 0.9076.