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Scotia says evidence points to Swiss National Bank intervening in CHF

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FX strategist at Scotiabank cites the relative stability of EUR/CHF (above and around 1.06) in the past  two weeks while turmoil in markets elsewhere 

  • suggestive of SNB intervention to hold off strength in the Swiss franc
Scotia say sight deposits have risen steadily since the beginning of 2020 – “indicating intervention”. Also make note of the re-inclusion of the SNB on US Treasury Department FX watch list

Euro / Swiss Franc

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Euro / Swiss Franc

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