FXstreet.com (Córdoba) - The Swiss National Bank reported to the IMF that Foreign exchange reserves grew by 59 bln CHF in June, while in the same month the USD fell by 3% and the JPY fell by 4% against the Swiss franc, according to the UBS analyst team. "Both moves have reduced the FX reserves, which are reported in Swiss franc".
"Therefore interventions must have been higher than the reported change of FX reserves", they add. "Pressure to buy Swiss francs eased in the last trading days as investors jump rather on an appreciation trend of the USD than on the unchanged CHF", they concluded.
"Therefore interventions must have been higher than the reported change of FX reserves", they add. "Pressure to buy Swiss francs eased in the last trading days as investors jump rather on an appreciation trend of the USD than on the unchanged CHF", they concluded.
