Swiss National Bank report just out and reflecting the January fallout. Shareholders won't be overly surprised but still very disappointed as I warned at the time

  • H1 consolidated loss on forex positions CHF 47.2bln
  • gold valuation loss CHF 3.2bln

SNB says appreciation on the franc led to exchange related losses on all investment currencies. For H1 these totalled CHF 52.2bln

  • H1 profit on CHF positions totalled CHF 571m largely from sight deposit account balances since Jan 22
  • 32% of forex holdings in USD
  • 8% JPY
  • 7% GBP
  • govt bonds 72% of Q2 fx reserves vs 71% Q1
  • equities 17% vs 18% Q1

USDCHF unfazed at 0.9670 EURCHF 1.0577 near session lows

SNB boss Jordan has every reason to look glum