Bank of Canada’s Senior Deputy Gov. Carolyn Rogers:
- We are not where we were in July, but we are a long way from where we need to be
- Bank has seen early signs monetary policy is working
- the bank still sees a path to a stop to soft landing, that’s still our objective
- neutral territory is a range, it’s an estimate, there is no magic formula
There has been a lot of central banks speak from the Swiss National Bank to the Federal Reserve to the ECB, and now additional comments from Bank of Canada. Overall, the currencies are somewhat muted in the response.
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More from SNB’s Jordan: No comment on currency invention. We don’t rule anything out
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Looks at series of models to gauge Swiss francs value; market has to live with some volatility, no comment on currency intervention.
FX intervention watch – Swiss National Bank edition – too early for the CHF
2022-09-09
This via the folks at eFX.
Credit Agricole CIB Research argues that it would be premature for the SNB to resume its intervention against CHF strength around current levels.
Swiss National Bank President Jordan warned of persistently higher inflationary pressure
2022-08-30
Swiss National Bank President Thomas Jordan spoke at the Federal Reserve’s annual Jackson Hole symposium on Saturday.“Structural factors such as the transition to a greener economy, rising sovereign debt worldwide, the demographic transition and ultimately also the fact that globalization appears to have peaked — at least temporarily — could lead to persistently higher inflationary pressure in the coming years”
Heads up for ECB, SNB, BoK speakers over the weekend
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On Saturday at the Jackson Hole symposium there will be speakers from the European Central Bank, Swiss National Bank and Bank of Korea.
EUR/CHF forecast to 0.93 (Swiss National Bank to hike rates in September and December)
2022-08-23
“We expect the SNB to hike by 50bp again in September and December to curtail underlying inflation pressures bringing the policy rate to 0.75%. With the SNB broadly following the ECB, we see relative rates as an inferior driver for the cross,” Danske notes.
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