The Swiss National Bank is prepared to intervene in foreign exchange markets and has room to lower already negative interest rates if necessary to weaken the franc, the central bank's chairman said. "We are observing the exchange rate situation as a whole," Thomas Jordan told Swiss radio station SRF in an interview broadcast on Saturday. "If necessary we are active but as I said we do not speak about our transactions." The SNB shocked financial markets on Jan. 15 by scrapping its cap on the franc of 1.20 per euro, sending the currency soaring and stocks plunging on fears for the export-reliant Swiss economy. ... (full story)