Access Restricted for EU Residents
You are attempting to access a website operated by an entity not regulated in the EU. Products and services on this website do not comply with EU laws or ESMA investor-protection standards.
As an EU resident, you cannot proceed to the offshore website.
Please continue on the EU-regulated website to ensure full regulatory protection.
Tuesday Dec 2 2025 00:00
2 min
UBS estimates based on balance sheet data suggest that the Swiss National Bank (SNB) may not have intervened in the foreign exchange market during October to halt the safe-haven ascent of the Swiss franc. This conclusion contradicts the expectations of some observers who saw potential intervention signals in the Franc's movements.
Zurich-based bank economist Florian Germanier estimates that the SNB's trading activity in October ranged from buying up to 20 million Swiss francs ($25 million USD) worth of foreign currencies to selling up to 50 million Swiss francs. These figures are significantly lower than the substantial 5.1 billion Swiss francs the central bank spent in the second quarter.
“There’s no sign the SNB intervened,” Germanier stated. “That rough range doesn’t necessarily imply officials took action – the balance sheet data shows much stronger signals in periods when they do.”
October saw fluctuations in the Swiss franc exchange rate against the Euro, approaching 0.92, which many traders considered a key level. A reversal then occurred, triggering speculation as to whether policymakers had sold the currency to curb its rise. However, they apparently did not, consistent with a shift in the SNB’s strategy from large-scale Franc sales in the past to more cautious interventions.
Germanier added that the SNB might have entered the market in November in response to the Swiss franc hitting a 10-year high after Switzerland reached a trade agreement with the United States. He pointed to volatility in Swiss money markets in mid-November, when the franc rose to its strongest level since January 2015 (when the SNB removed its exchange rate cap), as a potential indicator.
“The volatility we saw could be explained by intervention,” he said. “But it could also be driven by other factors.”The SNB delays the release of its market trading data by three months after the end of any quarter. This means the official figures for the October to December period will not be published until the end of March 2026.
Risk Warning: This article represents only the author’s views and is provided for informational purposes only. It does not constitute investment advice, investment research, or a recommendation to trade, nor does it represent the stance of the Markets.com platform. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
Latest
View all
Friday, 8 May 2026
6 min
Tuesday, 12 May 2026
Indices
Record Inflows Pour into South African Markets Amid Reform Momentum: $42 Billion Foreign Investment Surge
Tuesday, 12 May 2026
Indices
Gold Price Today, May 13: Gold Plunges Below $4,700 as Hot US CPI & Surging Oil Crush Rate-Cut Hopes
Monday, 11 May 2026
Indices
Latest ETF News Highlights: BTC Price (BTC/USD) Holds at $81,500 Amid Strong Bitcoin ETF Inflows
Monday, 11 May 2026
Indices
Gold Price Today, May 12: XAU/USD Rises Sharply After Fed Cut Live Gold Price at $4,750
Sunday, 10 May 2026
Indices
Stock Market Today: Nifty Slips Below 24,200, Sensex Drops to 77,328 as Oil Crosses $100
Sunday, 10 May 2026
Indices
Gold Price Today, May 11: Gold (XAUUSD) Trading at $4,695, Central Banks Keep Buying as Investors Seek Shelter
Friday, 8 May 2026
Indices
India's Tech Boom: India’s Offshore Tech Hubs Near 2030 Milestone in FY26
Friday, 8 May 2026
Indices
Gold Price Today, May 09: Gold (XAUUSD) at $4,720 Faces Correction Risk After 250% Rally as Oil Leads Markets
EN
