Yesterday’s data on the currency interventions of the Swiss National Bank (SNB), which amounted to about 100 million in the fourth quarter, once again confirmed that SNB is currently carefully intervening on the currency market, FX Commerzbank analyst, Michael Pfister.

SNB will probably be comfortable at the moment with French

“In total, SNB bought about 1.2 billion CHF in foreign currencies last year to weaken Frank – this is not a particularly large sum compared to 22.6 billion CHF Sales of foreign currencies in the fourth quarter of 2023, when SNB was still trying to strengthen French.”

“But new numbers will not surprise market participants. Although SNB emphasized his readiness for greater intervention on the currency market, if necessary, he repeatedly warned against the risk of an excessively large balance.”

“And with Donald Trump in the White House and the risk of tariff hitting for the intervention to weaken Franc, SNB will probably remain cautious in the coming months. However, in the case of EUR/CHF it will now trade higher than at the end of February due to a stronger euro, SNB will probably be more comfortable with Franc at the moment.”