Swiss National Bank Tells Government It Is Ready to Act Actively in FX Market

The signal matters less for its novelty than for its timing: with inflation low by international standards, the SNB is keeping FX intervention explicitly on the table rather than treating it as a last resort. That stance is aimed at the export and tourism sectors most exposed to franc strength, and at importers watching pricing power erode. The absence of any level or timeframe leaves the market to infer the trigger, which itself can amplify franc volatility around data releases. Whether the SNB moves from stated readiness to visible action is the open question.