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RockstarMarkets
All glossary
Macro

SNB (Swiss National Bank)

Swiss central bank. Famous for aggressive FX intervention (2011 EUR/CHF floor, 2015 abandonment). Currently runs negative rates and FX-balance-sheet policy.

What it means

The Swiss National Bank is Switzerland's central bank, with a mandate to ensure price stability while maintaining the value of CHF. Key tools: policy rate, sight deposit rate, and FX intervention (the SNB is one of the most active interveners in FX history). Famous episodes: 2011-2015 EUR/CHF floor at 1.20 (abandoned January 2015, causing a 30% one-day move in EUR/CHF), 2015-2022 negative policy rates, ongoing FX-balance-sheet management.

Why it matters

The SNB controls CHF, a major safe-haven currency. CHF strengthens during global risk-off events; the SNB intervenes to limit appreciation. SNB intervention patterns are observable via weekly sight-deposit data publications — a real-time intervention indicator.

How to use it

Track SNB sight deposits (weekly release) as a real-time intervention proxy. Watch SNB rate decisions (quarterly) and FX-balance-sheet data (monthly). EUR/CHF and USD/CHF positioning incorporates SNB intervention probability.

Take it further

Want a worked example or a deeper dive? Ask Rocky how this concept applies to your specific watchlist or trade idea.

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