Forex
SNB Continues Selling Francs Amid Ongoing Haven Flows
The Swiss National Bank (SNB) continued to sell francs in the second quarter, following through on its 'increased willingness' to intervene against a stronger currency.
This decision was made necessary by the ongoing haven flows into Switzerland triggered by the Iran war, which saw the surge of the franc at the start of the conflict.
The SNB purchased foreign exchange worth CHF1.4 billion ($1.7 billion) from April through June, down from the CHF3.9 billion it bought in the first three months of the year.