The Swiss Franc Just Dropped After Switzerland's Top Banker Says Something Negative Interest Rates

The Swiss franc is sinking against the U.S. dollar after Swiss National Bank governor Thomas Moser said the Bank is "open" to negative interest rates, reports The Wall Street Journal.

WSJ's Todd Buell reported Wednesday that Moser told the paper at an academic conference in Hamburg: "We have always said [negative rates] is a possibility... We're never shy about it…we always said we would use it if needed."

Moser's comments come after the European Central Bank last week announced further rate cuts, taking its deposit facility interest rate to -0.2%.

In morning trade on Wednesday, Moser's comments sent the U.S. dollar to new highs against the franc, with one dollar now buying abut 0.9377 francs.

(via WSJ)