SNB's Schlegel: Negative interest rates are essential to keep attractiveness of CHF low

Martin Schlegel, alternate member of the Governing Board of the Swiss National Bank (SNB), on Tuesday, argued that negative interest rates were essential to keep the attractiveness of the Franc low. "The monetary policy is not the only factor for low interest rates," Schlegel added, per Reuters. "In real terms, the value of the Swiss Franc is where it was before minimum rate was ended."

The USD/CHF pair ignored these comments and was last seen moving sideways near 0.9950, where it was up 0.1% on the day.