Massive reversal in USD/CHF
What’s much less clear is what’s driving a lot Swiss franc weak point. There’s loads of chatter in regards to the SNB.
The central financial institution recorded a 15 billion franc loss on the inventory market rout on the mixture of losses in its fairness market portfolio and its international forex reserves. The franc was the highest performer final 12 months and it misplaced 16 billion on FX alone.
The SNB holds 729 billion francs in international forex reserves which is an enormous hoard by virtually any normal, not to mention a small financial system.