Interesting, very interesting
A source has recently told me there’s apparently an article in the Swiss newspaper Neu Zuricher Zeitung suggesting SNB’s Hildebrand may lose his job over SNB’s intervention related losses.
The source feels if its true (he’s not conversant with how relaible paper is), then this could possibly mean two thing
1) SNB paralysed by risk it has taken onto its balance sheet, precluding further intervention and
2) Likely requires SNB to sell EUR/USD to rebalance reserves away from euro and reduce its risk.
I guess they’ll be liking the higher EUR/USD levels currently on offer. We sit presently at 1.2790.