The Swiss franc traded lower versus major currencies after policymaker Fritz Zurbruegg said the Swiss national Bank is ready to intervene again to rein in franc’s appreciation.
“We are ready to intervene if it will be necessary from a monetary policy perspective,” said Zurbruegg, vice chairman of the SNB, said on Sunday.
It is worthwhile to mention that the SNB intervened in the foreign exchange market in June as the Greek crisis raised safety demand ion the franc.
The franc rose sharply in January after the SNB decision to remove its cap of 1.20 versus the European single currency.
The EUR/CHF climbed to a peak of 1.0805, resuming its advance for seventh straight session, compared to the session’s opening at 1.0762.
Against the dollar, the franc pulled the pair higher to 0.9866, noting that the pair is trading near its highest level in five months.