As always, we tend to get these reports a short time after the horse has bolted. The same accounts which started selling so heavily in June/July and then continued on with the selling over the next few months have again been very active in the last few weeks. I believe that these are USD-denominated accounts based in Switzerland who are switching out of the USD and are happy to sit in CHF for the forseeable future. The amounts are very large indeed with 10s of billions having been sold over the last 6 months. No sign of this trend to end anytime soon so as the old market adage says, “go with the flow”.