Forex swiss national bank

ZURICH The Swiss National Bank appears to have dialled back its currency market interventions, the scale of which in recent weeks has been hidden by seasonal effects such as early tax payments. The SNB on Wednesday reported the first decline in its foreign exchange holdings since January and this week posted a drop in domestic sight deposits, a proxy for its foreign currency purchases, which are aimed at softening the strong Swiss franc.

But the reduction has been masked in recent weeks as Swiss individuals paid their taxes in April and May, inflating the level of total sight deposits, a keenly watched figure seen as a signal of the SNB's strategy.

The SNB has been using a combination of foreign currency purchases and negative interest rates to ward off interest in the Swiss franc since it scrapped its limit on the currency versus the euro two-and-a-half years ago. The bank, which gives its latest monetary policy update next week, declined to comment on its interventions. Chairman Thomas Jordan said last week he remained committed to its twin-track strategy and has room to expand its balance sheet.

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Its balance sheet has now expanded to nearly billion francs, 18 percent larger than Swiss GDP in Other economists said the SNB was intervening less than in recent weeks, with its actions following a pattern of responding to political uncertainty which usually drives demand for the franc. NEW YORK World stock markets fell on Tuesday as a drop in oil prices weighed on the energy sector, while hawkish comments from several U.

Swiss National Bank

Federal Reserve officials pushed the U. Federal Reserve Board Vice Chair Stanley Fischer on Tuesday warned that while the U. Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.

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Central Banks Wed Jun 7, 7: CCTV cameras checking the outside of the Swiss National Bank SNB are pictured in front of the Federal Palace Bundeshaus in Bern, Switzerland, May 10, By John Revill ZURICH. Also In Central Banks.

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