SNB Chairman Schlegel says upward pressure on the CHF has increase once again, uncertainty about inflation and economic development is elevated; SNB willingness to intervene in FX market has increased

Newsquawk StaffPublished 19 Mar 2026, 09:20 UTC

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SNB Chairman Schlegel says upward pressure on the CHF has increase once again, uncertainty about inflation and economic development is elevated; SNB willingness to intervene in FX market has increased

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CHF

CHF is 2.5% firmer on trade-weighted basis since December.
CHF is sought as a haven during times of uncertainty.
Upward pressure on the CHF has increased once again.
Rise in CHF poses risks to price stability.

INFLATION

Medium-term inflationary pressure, however, has remained virtually unchanged since the last monetary policy assessment.

POLICY

Will continue to monitor the situation closely and adjust our monetary policy if necessary, in order to ensure price stability over the medium term.

Context

The comments from SNB Chairman Schlegel indicate an increasing willingness to intervene in the FX market due to rising upward pressure on the CHF, which poses risks to price stability. Despite these concerns, inflationary pressures appear stable, suggesting the SNB is balancing the need for intervention without a shift in immediate rate policy. This heightened focus on the exchange rate may influence market expectations around the SNB's next moves and potentially affect the CHF's appeal as a safe haven during economic uncertainty.

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