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SNB's Major Euro Buy Signals Shift in Currency Reserves

10/3/2025

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Summary

Story summary

In Q2 2025, the Swiss National Bank (SNB) bought 5.06 billion Swiss francs of currencies, mainly euros, its largest intervention in three years.
The euro accounts for 39% of SNB's reserves, surpassing the United States dollar (USD) at 37% for the first time since 2020.
Analysts expect future SNB interventions will focus on the euro, keeping the USD/CHF market-driven.

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Story summary

In Q2 2025, the Swiss National Bank (SNB) bought 5.06 billion Swiss francs of currencies, mainly euros, its largest intervention in three years.
The euro accounts for 39% of SNB's reserves, surpassing the United States dollar (USD) at 37% for the first time since 2020.
Analysts expect future SNB interventions will focus on the euro, keeping the USD/CHF market-driven.