EUR/CHF

Any link I can see Jordan speaking live?

Is there a link for Jordan speech?

No point watching him speak...there will be no reaction in the market.

DJ SNB's Jordan: EUR/CHF Floor Not A Competitive Devaluation
14-May-2012
(MORE TO FOLLOW) Dow Jones Newswires

May 14, 2012 11:45 ET (15:45 GMT)

* DJ SNB's Jordan: SNB Imposed EUR/CHF Floor To Protect Swiss Economy
(MORE TO FOLLOW) Dow Jones Newswires

May 14, 2012 11:45 ET (15:45 GMT)

* DJ SNB's Jordan: Goal, Motives For SNB Floor Understood By Markets
(MORE TO FOLLOW) Dow Jones Newswires

May 14, 2012 11:45 ET (15:45 GMT)

* DJ SNB's Jordan: Swiss Franc Remains Clearly Over Valued
(MORE TO FOLLOW) Dow Jones Newswires

May 14, 2012 11:45 ET (15:45 GMT)

* DJ SNB Jordan's Speech Focuses On Global Central Bank Cooperation
(MORE TO FOLLOW) Dow Jones Newswires

May 14, 2012 11:45 ET (15:45 GMT)

DJ SNB's Euro/Franc Floor To Protect Swiss Economy, Prices -Jordan
ZURICH (Dow Jones)--The Swiss central bank's decision to impose a floor of 1.20 Swiss francs per euro in September was taken to prevent a collapse of Switzerland's economy and wasn't meant as a competitive devaluation of its currency, Swiss National Bank President Thomas Jordan said Monday.

"The introduction of the SNB's floor for the euro/franc last year was seen by the International Monetary Fund as an appropriate response to an extreme situation given the risks to the Swiss economy and price stability," Jordan said Monday in a text prepared for delivery at a business function.

Jordan's speech, focused largely on the history and advantages of global central bank cooperation in times of crisis, didn't address current SNB monetary policy or the state of the Swiss economy.

The IMF's rules for central banks are meant to prevent "currency manipulation designed to achieve unfair competitive advantages," Jordan said.

"However this doesn't mean a central bank can never intervene in currency markets, especially when such interventions are a reaction to extreme market distortions," he said.

The SNB "had to battle against enormous upward pressures on the franc in 2011 as a result of the escalation of the European debt crisis," Jordan said.

The appreciation of the franc--which soared to near parity with the euro shortly before the SNB imposed its euro/franc floor in September--"could not be equated with fundamentals and posed an enormous threat to the Swiss economy," he said.

The "goal and motivation for our measures were understood by the financial markets and by other central banks, and we were able to show that the global currency market, due to international developments, wasn't functioning properly," Jordan argued.

Even at CHF1.20 per euro, "the Swiss currency remains clearly over valued," he said.

Jordan said that "well targeted cooperation between global central banks supplements autonomous (central bank) policies and can help individual economies better withstand global crises."

"In other words central bank cooperation can support and strengthen autonomous central bank policies during times of crisis," he said.

The SNB pared its key interest rate to near zero, and boosted money market liquidity in August last year, before imposing its EUR/CHF floor, in an attempt to choke off investor buying of the franc, which threatened to make Swiss exports uncompetitive in key European markets.

Swiss exports account for around 50% of the country's gross domestic product, the SNB said.

-By Neil MacLucas, Dow Jones Newswires; +41 43 443 8040; [email protected]

(END) Dow Jones Newswires

May 14, 2012 11:45 ET (15:45 GMT)

In other word, nothing new.

Oh dear it doesn't look to good Another chance to talk the franc down wasted

What do you mean? There is something new! He did not say "utmost determination" this time.

Oh shit, he didn't mentioned "Utmost Determination"....maybe the Peg may break this time round.

damn

Give me 2 more pips and I am out. Not gonna waste any more time on this pair.

In my country there is a song like that: "i wish you tell lie that you love me and you never leave me alone..."
I think Jordan sing very well this song
we should tell lie to us that Jordan never quit us and continue to intervene in any times (next speech/month/year/decade/century/millenium)
we should talk ourselves that SNB will buy unlimited in order that we can hope more in the future
we wish that SNB like Jordan to speak the same speech or similar in next times
we should...

Let me disagree a bit, with figures like today, he has to speak like that or even much more like that, and we will probably see from figures if the wind direction changes...

seems he's very comfortable with the rate sitting pips away from 1.2

He was the one who put it there...

and he seems to be trying very hard to justify and defend the decision to implement the peg, as though someone is hounding him for an explanation.

to me looks like he's calling the help of the ecb, or is going to annunce soon the cooperation with the ecb to keep the eurchf up, his message is like to say "we are not alone, other central banks do or may will cooperate with us on keeping the eurchf floor". It was somehow like a good message for the eurchf market, but looks like eurchf simply don't give a shit anymore about what jordan say (and with eurchf i mean traders).
The big traders don't care about eurchf anymore, that's probably also why it is a dead pair. We also should leave the train, if it go up a little bit i will be the first to say bye bye to her.

Luc Coene, member of the ECB, said today that ECB will cut rates in June. Don't yoy think that this should produce a reaction by the SNB?

http://georgedorgan.livejournal.com/5615.html