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.
면책 조항: 본 게시글에 표현된 견해는 전적으로 작성자의 견해이며 Followme의 공식 입장을 대변하지 않습니다. Followme는 제공된 정보의 정확성, 완전성 또는 신뢰성에 대해 책임을 지지 않으며, 서면으로 명시적으로 언급되지 않는 한 해당 내용을 기반으로 취해진 어떠한 조치에 대해서도 책임을 지지 않습니다.
더 오래된 의견은 없습니다. 소파를 가장 먼저 잡으십시오.