SNB's Jordan Says CHF Overvalued, More Room For Intervention

(RTTNews) - The Swiss National Bank has more room for intervening in the foreign exchange markets to weaken the Swiss Franc, which remains overvalued against the euro, SNB Chairman Thomas Jordan said Monday.

Speaking at a central bankers' conference in Bali, Indonesia, Jordan said the Swiss central bank policymakers are convinced that given the difficult situation with an overvalued Swiss franc, a negative output gap, and negative inflation, the current approach is the right one.

Following the "Brexit" vote, the Swiss currency attracted lot of investor interest as it is considered a safe-haven amid turbulent markets. The SNB intervened in the forex markets to weaken the Swiss franc that logged its biggest gain since January 2015, when the its 1.20 peg against the euro was scrapped.