The SNB’s foreign currency reserves continue to get stronger: they amounted to 630.34 billion francs in October, about 2.25 billion more than in September.
The total reserves without gold stood at 639.09 billion francs, up from 633.73 billion in August, as the figures provided by the institute to the International Monetary Fund.
Credit Suisse posted a surprise profit of 41 million Swiss franc, while the market consensus was expecting a loss of 150 million, yet the stock opened 3% lower at the open and continued falling throughout the session.
The Swiss National Bank (SNB) recorded in the first three quarters of the year a net profit of 28.7 billion francs. The gold holdings generated a gain of 7.5 billion while foreign currency investments of 20.3 billion.
The profit on Swiss franc positions amounted to 1.3 billion. In the same period of 2015 the institute had accumulated a loss of 33.9 billion.
By mid-Thursday the USD/CAD currency exchange rate had touched the 1.3395 level and retreated from it. Although the pair retreated from the 1.3395 level, there are no notable resistance levels at that point, as even the upper Bollinger band was located at 1.3402 on Thursday. It is most likely that the exchange rate is affected by some sort of short term resistance, which has propelled the rate lower for now. In the meantime, on the daily chart the pair faces no resistance up to the level of 1.3463, where the weekly R1 is located at. The only exception being the mentioned Bollinger band.
Mexico’s peso reached a six-week high in a signal that Hillary Clinton held on to her advantage over Donald Trump in the final U.S. presidential debate.
The currency was up by 0.2% at 18.4937 per dollar around 10:45 p.m. ET. Earlier, it drifted between little changed to down by as much as 0.2% as the two candidates spoke.
The U.S. Treasury said on Friday that none of the United States’ major trading partners is manipulating its currency to gain advantage for its exports; the declaration was an answer to Republican presidential candidate Donald Trump that he will be ready to declare China a currency manipulator if he is elected.
In its 16th and final currency report under US President Barack Obama, the Treasury said it added Switzerland to a foreign exchange “monitoring list” of countries with high external surpluses or currency market interventions and it kept Taiwan, China, Japan, Germany and South Korea on the list, first launched in April, though, it said, none of the six countries met the standard for enhanced scrutiny under a new trade enforcement law passed in 2015.
Bank of England is willing to tolerate above-target inflation to support growth and employment after ‘Brexit’, Governor Mark Carney said Friday.
"Our job is not to target the exchange rate, our job is to target inflation," he said during a public meeting in Nottingham.
Brexit could cost the government up to £66 billion a year in lost tax revenue, a draft cabinet committee paper seen by The Times. The document contains a warning that leaving the single market and switching to World Trade Organisation rules would cause GDP to fall anywhere between 5.4% and 9.5% within 15 years and it is based on a controversial treasury report published in April, which critics had dismissed as scaremongering by the treasury, the newspaper said.
