FX intervention watch – Swiss National Bank edition – too early for the CHF

This via the folks at eFX.

Credit Agricole CIB Research argues that it would be premature for the SNB to resume its intervention against CHF strength around current levels.

• “We note that the wild fluctuations of global bonds, stocks and exchange rates may make it more difficult for market participants to find a “concrete indication” of FX intervention from the data,” CACIB notes.
• “We further think that following the hawkish shift of its policy outlook in June, it would be premature for the SNB to resume its intervention against CHF strength especially given that the recent FX spot moves have been far from disorderly and the CHF-valuation on a real basis does not appear extreme,” CACIB adds.