EUR/CHF has fallen with the contraction in Swiss bank sight deposits. Economists at Société Générale analyze the pair’s outlook.
CHF spurred by tighter liquidity
EUR/CHF is coming under strong selling pressure this week, moving below 0.97 and thus testing the support area prevailing since last October.
The pair has disconnected from EUR/USD and its own interest differential and, since the start of the year, the best driver explaining CHF appreciation is the contraction in Swiss banks’ sight deposits. The total level of sight deposits at the SNB can only be changed through monetary policy operations or through exchange against cash, and FX reserves diminished again in June.
As long as the SNB has to sell foreign assets, the Franc is likely to feel bullish pressure.
免責事項：本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。
古いコメントはありません。ソファをつかむ最初のものになりましょう。