30 Jan 2015
SNB increase euro holdings modestly in Q4 – BTMU
FXStreet (Barcelona) - Derek Halpenny, European Head of GMR at Bank of Tokyo-Mitsubishi UFJ, reviews the recent Q4 foreign exchange reserve holdings data of SNB, noting the central bank actually increased euro buying modestly in Q4.
Key Quotes
“The Swiss franc weakened notably yesterday amid speculation that the SNB has been actively intervening to restore stability to the market.”
“The SNB has just released its Q4 foreign exchange reserve holdings data and contrary to what many had thought (including us) – that the SNB may have been offloading euros ahead of abandoning the floor, the SNB’s euro holdings actually increased modestly in percentage terms from 45% to 46%. US dollar holdings remained unchanged at 29%.”
“The idea that the SNB was a notable EUR/USD seller in Q4 ahead of abandoning the floor appears to have been wide of the mark.”
Key Quotes
“The Swiss franc weakened notably yesterday amid speculation that the SNB has been actively intervening to restore stability to the market.”
“The SNB has just released its Q4 foreign exchange reserve holdings data and contrary to what many had thought (including us) – that the SNB may have been offloading euros ahead of abandoning the floor, the SNB’s euro holdings actually increased modestly in percentage terms from 45% to 46%. US dollar holdings remained unchanged at 29%.”
“The idea that the SNB was a notable EUR/USD seller in Q4 ahead of abandoning the floor appears to have been wide of the mark.”