Swiss National Bank President Thomas Jordan pledged to maintain the cap on the appreciating franc amid increasing global economic risks, according to an interview with NZZ am Sonntag. “The environment has deteriorated for Switzerland,” he said. “New geopolitical risks have arisen and the international economic data -- particularly in Europe and South America -- was worse than we expected.” The Zurich-based central bank set a ceiling of 1.20 per euro on the franc three years ago to ward off deflation and a recession. That limit remains crucial, Jordan said, as an appreciation of the franc would heighten the risk of ... (full story)