The Swiss National Bank is prepared to defend the cap on the value of the Swiss france with “utmost determination,” SNB Governing Board member Jean-Pierre Danthine said Tuesday. In a speech in Zurich, Danthine said that the central bank will “continue to enforce the minimum rate with the utmost determination and remains prepared to buy foreign currency in unlimited quantities.” “The Swiss franc is still highly valued, but it should depreciate further in the future,” he predicted. (full story)