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The Swiss franc is making some solid gains on Tuesday after talk of no more interventions from the central bank. Speaking in an interview with Swiss TV, SNB Vice-Chairman Thomas Jordan said there is no need to intervene in the Swiss Franc because the threat of deflation is broadly gone. The comments soften the central bank’s rhetoric last week, promising to resume interventions if needed. On a side note, the Swiss trade surplus fell to €0.82 billion in May from €2.06 billion in April. Exports rose 1.1%, adding to the prior 2.9% pickup. The combined news has EUR/CHF trading 76 pips lower at 1.3620 today.
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