Energy prices still determined by war situationIf necessary our readiness to intervene in forex market is higher, difficult to say if it is more or less than beforeWe look at the whole situation when it comes to interventions, the franc has weakened a bit since the last meetingMany factors affect the exchange rate, the interest rate differential to ECB and our increased readiness to interveneGeopolitical, trade uncertainty is highThe future development depends on the situation in the Middle EastCan't be ruled out that this de-escalation in the Middle East is just temporaryWe don't give forward guidance, we decide from meeting to meetingDuring the SNB press conference, Chairman Schlegel was asked why they added "if necessary" in the line saying "readiness to intervene in forex markets is higher". Was it because they see less urgency given the positive developments in the Middle East?Schlegel dodged the question by saying that "if necessary their readiness to intervene in forex market is higher, difficult to say if it is more or less than before". This has led to more weakness in the Swiss franc.In the prior statement, they said "SNB's willingness to intervene in the foreign exchange market has increased" but today they added "if necessary" which reads somewhat less "hawkish". This article was written by Giuseppe Dellamotta at investinglive.com.