Swiss National Bank President Martin Schlegel told reporters the central bank does not set a formal exchange‑rate target for the Swiss franc. By reiterating this stance, the SNB signals that it prefers flexibility over a fixed benchmark, leaving policy decisions to market conditions rather than a predetermined level. The remarks come as currency markets remain volatile after recent euro‑dollar shifts.

Traders interpret the lack of a target as a green light for the SNB to step in if the franc appreciates sharply. Intervention history shows the bank can sell foreign reserves to temper upward pressure, a move that often steadies export‑dependent Swiss firms. Without a ceiling, investors watch for signals that could trigger such action in the near term period.

Market participants will gauge future SNB communications for hints of tolerance levels. A sudden franc rally could prompt a swift foreign‑exchange sell‑off, influencing bond yields and equity valuations tied to Switzerland’s export sector. For now, the central bank’s explicit refusal to peg the currency keeps policy tools open and uncertainty manageable as investors recalibrate risk premia across European markets today.