SNB reserves suggest 24bn euro intervention

Pressure on the 1.20 floor should remain ahead of Greece's general election

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A significant uptick in reserves held by the Swiss National Bank (SNB) suggests the central bank intervened in currency markets only days before it implemented negative deposit rates, with strategists estimating the SNB bought around 24 billion euros to ease the pressure on its 1.20 floor in EUR/CHF.

Foreign currency reserves increased by 7% to CHF 495 billion in December, according to data from the Swiss central bank, raising the amount of holdings significantly above analyst expectations. Of

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