SNB speaks sells-off CHF crosses

10:15CET

The SNB (Swiss National Bank) just came out with some statements on macroeconomics, and the CHF got a big spike as a result of those words. USD/CHF sold-off 50 pips and so did EUR/CHF. They seem to be recovering as I write this.

This is in a nutshell what the SNB said:

    * Concerns about stability in the euro area have led to renewed financial market tensions
    * Against this backdrop, the swiss franc has again appreciated
    * Should tensions be exacerbated, this would have detrimental effect on the swiss economy
    * If a deflation threat emerges, the SNB would take the measures necessary to ensure price stability
    * Conditional inflation forecast for 2012 and 2013 is slightly below the Septmber forecast
    * Conditional inflation report shows that there is no threat to price stability in the short-term
    * Inflation forecast showed current expansionary monetary policy cannot be maintained over the entire forecast horizon
    * Weakening of exports, in particular, points to a significant reduction in growth in the quarters ahead

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