Measures taken against the strong Franc have made an impact, but the currency still remains too strong. Therefore, the Swiss National Bank was forced to take furthermore action. SNB concluded to the decision to expand its already existing measures to slim the Swiss Franc. Expanding the supply of liquidity to the Swiss Franc money market significantly increases downward pressure on money market interest rates with the view of the Swiss Franc exchange rate weakening even moreso.
Bank sight deposits would expand from 120 billion francs to 200 billion francs, as reported by the SNB.
The National Bank of Switzerland didn't hesitate to announce that if more necessary measures will be required, they will be taken.
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The above mentioned measures that the SNB took were disappointing, as the CHF strengthened after the new measures were taken. The Euro fell against the Swiss Franc to 1.12199 in today's trading session.
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