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Jun 10 - 03:55 AM

EUR/CHF - Has SNB Sold EUR/CHF?

By Jeremy Boulton  —  Jun 10 - 02:50 AM
  • There have been two recent dramatic EUR/CHF declines from 1.05 area

  • Neither occurred due to a surge in risk averse behaviour

  • Stocks dipped and bounced after first drop, 2nd followed ECB

  • Other safe assets did not respond in a similar fashion to franc

  • Total sight deposits have grown CHF 25-30 billion since March

  • FX reserve has shrunk in 2022 despite apparent large scale intervention

  • Due Fed/SNB divergence franc has come under pressure nL1N2XW0OL

  • It's possible SNB is utilising this period to pare reserve

  • If not there is certainly a massive seller lurking ahead 1.05



EUR/CHF Click here

Swiss FX reserve Click here

Source:
Refinitiv IFR Research/Market Commentary

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