SNB: the shield for franc is topic

The Swiss National Bank (SNB) went on its biggest foreign-currency buying spree since January 2015 in the wake of Britain's vote to leave the European Union, data showed on Monday.
The measure for domestic banks rose by 6.87 billion francs ($7.05 billion) to 430.3 billion, while the total amount jumped by 6.27 billion francs to 507.5 billion. "Brexit has triggered a big demand for safe havens like the franc, so the SNB has to keep acting," J. Safra Sarasin currency strategist Ursina Kubli said, as Reuters referred.

The SNB declined to comment on its future strategy to limit the franc's strength. Swiss manufacturers have struggled with the currency's strength which reduces their profitability. "If the franc went back to 1.10 versus the euro, it would be a significant relief," Hans Hess, president of manufacturers' lobby Swissmem, said.