ZURICH, March 4 (Reuters) - The Swiss National Bank has increased its readiness to intervene in foreign currency markets following the Swiss franc's recent rise in the wake of the conflict in the
Swiss National Bank Heightens Intervention Readiness Amid Franc's Rise
SNB Responds to Swiss Franc Appreciation
Vice Chairman Highlights Increased Intervention Willingness
ZURICH, March 4 (Reuters) - The Swiss National Bank has increased its readiness to intervene in foreign currency markets following the Swiss franc's recent rise in the wake of the conflict in the Middle East, SNB Vice Chairman Antoine Martin said on Wednesday.
"Our willingness to intervene, our readiness to intervene is higher given the recent political events," Martin told reporters.
Market Reaction to Franc's Surge
Martin was speaking after the Swiss franc rose to its highest value against the euro in more than a decade earlier this week, driven by safe-haven inflows triggered by the conflict in the Middle East.
Central Bank's Verbal Intervention
The SNB on Monday said it was more willing to intervene in the foreign currency markets to counter a "rapid and excessive appreciation" of the Swiss franc, a rare verbal intervention from the central bank.
Immediate Impact on Currency Markets
The euro edged up 0.2% to a day high of 0.9098 francs after Martin made his remarks.
(Reporting by John RevillAdditional reporting by Amanda CooperEditing by Dave Graham)
