SNB's Zurbruegg says they are a true believer in flexible exchange rates

Swiss National Bank vice-chairman Zurbruegg speaking in Russia 30 June

Flexible like a 30% appreciation in a session after you remove a cap? Constant intervention ? Yep all very fiexible, for the SNB at least.

Excuse me while I fall about laughing.

• deposit rate of minus 0.75% was absolutely necessary
• sees positive inflation next year "if all goes well"

Can knock that idea on the head then.

Meanwhile USDCHF still clinging to 0.9760 as EURCHF gives up some recent ( SNB-led ) gains

SNB's Zurbruegg - Your flexible friend