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Oct 11 - 05:55 AM

EUR/USD - SNB May Be A Very Bad Influence For EUR/USD Traders

By Jeremy Boulton  —  Oct 11 - 04:15 AM
  • Swiss FX reserves have dropped CHF 139 billion this year

  • Reserve plunging 52 billion francs in September

  • Swiss sight deposits have recently plunged by a record amount

  • Total sight deposits have dropped CHF 108 billion in just two weeks

  • The dollar is 38 percent of Switzerland's FX reserve

  • Unwind of dollar reserves would support EUR/USD

  • In September traders have flipped from EUR/USD shorts to longs

  • They are betting against a trend that's likely to continue

  • FX interventions are creating massive problems nL1N31C0F9



Source:
Refinitiv IFR Research/Market Commentary

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