Recent IMF data show a significant rise in reserve holdings of Swiss francs. Speculators, who are net short, might soon be offside if this accumulation is the beginning of a trend.
The Swiss franc has been the best performing G10 currency versus the dollar since President Trump’s “Liberation Day”. But it’s more than its exchange value that’s risen. In the latest IMF reserve data the currency saw by far its biggest increase in the 25-year history of the series, rising over four-fold from $20 billion to $88 billion.
