Since 2010, the percentage of Euro handled by Swiss banks fell from 70% to 50% (in late March, with a percentage that has probably already dropped below 50%), while Sterling has gained more importance, from 3% in 2010 to over 8% in late March. We can note that the rebound in the presence of pounds into the Swiss coffers has been realized since September 2011, with the SNB's intervention in the currency market to weaken the Franc. At this point, it is quite obvious that in the first phase Switzerland had bought Euro and sold Chf, but then, at the beginning of 2012, there has been a change in foreign reserve management in Switzerland, by selling Euro and buying Pounds, with the aim of decreasing the weight of the single currency within the reserves. The benefit in GBP / CHF cross and the immobility of EUR / CHF due to this operation are quite evident.
(Graphic: source Bloomberg)