Increase In Swiss FX Reserves Hints At Intervention

[kreslik.news]

Foreign currency reserves held at the Swiss National Bank are reported to have increased in April, implying that the central bank might have intervened in markets in an attempt to weaken the franc by purchasing assets denominated in other currencies.

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Data released by the central bank showed that foreign reserves amounted to 587.57 billion Swiss francs ($607 billion) last month, an increase of 11 billion francs compared with March.

Peter Rosenstreich, head of market strategy at Swissquote confirmed ... (read more)