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SNB sold nearly $45 billion worth of foreign currencies in Q3 2023
The SNB has been active in bolstering the Swiss franc in the first three quarters of the year, as they are trying to dampen the impact of imported inflation to the economy. Here’s a look at their recent forex sales in the last few quarters:
- Q4 2022: CHF 27.3 billion
- Q1 2023: CHF 32.3 billion
- Q2 2023: CHF 40.3 billion (largest amount since statistics began in 2020)
- Q3 2023: CHF 37.6 billion (~$45 billion)
This article was written by Justin Low at www.forexlive.com.
Switzerland December KOF leading indicator index 97.8 vs 97.0 expected
- Prior 96.7; revised to 97.2
That’s a slight improvement to Swiss economic prospects but overall levels remain rather tepid at best, hinting that the outlook remains rather uncertain heading into next year.
This article was written by Justin Low at www.forexlive.com.
Spain December preliminary CPI +3.1% vs +3.2% y/y expected
- Prior +3.2%
The added good news here is that core annual inflation is seen easing further to 3.8%, down from 4.5% in November. However, headline annual inflation appears to be sticking around just above 3% after a brief dip below 2% in June.
This article was written by Justin Low at www.forexlive.com.
China’s National People’s Congress will be underway on 5 March next year
Xinhua news agency is reporting that the start date to the annual meeting will be on 5 March and this usually will go on for nearly two weeks. The sessions are used to discuss key legislative matters involving the economy and social issues, with voting for new laws also set to take place.
This article was written by Justin Low at www.forexlive.com.