Here’s the Swiss franc at its weakest level against the euro since the Swiss National Bank put its cap into place in September 2011:
An interesting nugget from Nomura’s Geoffrey Kendrick on the Swiss National Bank data released earlier, as it pertains specifically to sterling:
On GBP specifically we estimate that SNB buying accounted for two-thirds of all non-resident buying of gilts in Q3.
It’s Swiss National Bank reserve figures Wednesday! That glorious day when we get to see how exactly the ingredients of the SNB’s cake have changed. Or to put it more literally, how have they been dealing with the masses of euro assets they are collecting.
Here’s the table in question. What it shows is that the SNB has cut its euro share of FX reserves to 48 per cent from 60 per cent in the second quarter of 2012 while the proportion of sterling and dollars being held increased.
Gasp? Well… yes. Read more