SNB Vice President, Martin Schlegel, clarified overnight that the central bank does not adhere to a specific target for Swiss Franc’s exchange rate. Instead, Schlegel reiterated the usual stance that the bank “monitors the exchange rate closely and intervenes in the foreign-exchange market as necessary.”
Separately, in its Quarterly Bulletin, SNB noted that “Many economic indicators suggest that economic activity was slightly more dynamic in the first quarter of 2024 than in the preceding quarters.”
The report attributed this “moderate” growth primarily to the service sector’s resilience, while highlighting continued stagnation in the manufacturing sector. SNB acknowledged that “persistently weak global demand” remains a significant hurdle for manufacturing, with Swiss Franc’s exchange rate increasingly being cited by companies as a contributing challenge.
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