Currency Peg Causes 50% Surge In Swiss National Bank Balance Sheet, Major FX Losses

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The September Swiss National Bank balance sheet update is out and while it reportedly indicates balances at the end of August, it appears that the SNB intervention in the FX market (i.e. the currency peg) started early, which would make sense as the first peg rumor hit on August 11. As a result, as the chart below shows, the latest central bank…



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