The Swiss National Bank’s remained stable and stood on 498.4 billion francs in January, up from around 495.1 billion. Needless to say, these francs are now worth more.
In euro terms, the value of the reserves rose more than 10%.
The Swiss National Bank released its Foreign Currency Reserves report for January, shedding some light on the action that went in the markets around the removal of EUR/CHF peg in the middle of the month.
This could give us an indication if the Swiss franc returns to be a tradable currency or if we should stay away as intervention continues.
The move on January 15th rocked global markets and hurt the euro. This was a big hint that the ECB would deliver significant QE exactly one week later, and that indeed happened with a 1 trillion+ program.
The move affected many traders and lots of brokers:
SNBomb – Reactions from 74 forex brokers
