SNB Skipped Intervening in October Despite Franc Surge, UBS Says

The Swiss National Bank probably didn’t step into currency markets in October to stop the haven run of the franc, according to UBS calculations based on balance sheet data.

Florian Germanier, an economist at the bank in Zurich, estimated that the SNB’s transactions in the month are in a range between buying foreign exchange worth as much as 20 million francs ($25 million) and selling up to 50 million francs. Such numbers are much lower than the 5.1 billion francs the central bank spent in the second quarter.