News Headline Summary

Swiss National Bank's Jordan says he sees no recession in Switzerland

Says:

- Sees 1% GDP growth in 2012.
- Sees very low growth in the coming quarters.
- CHF cap is not there to fine tune economy.
- CHF cap prevented the threat of an economic downturn.
- CHF cap is absolutely necessary.
- Still much to be down on too-big-to-fall.
- Banks 'made great progress' on capital adequacy.
- 1.20 cap is not instrument to navigate Swiss economy, but doesn't rule out more measures if needed.

Reaction details (23:20)

- No reaction seen in EUR/CHF which trades 1.2046 (3 pips) last.

21 Nov 2012 - 23:14 - Forex - Source: Newswires

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