News update on the Euro-Swiss

This came across the wire at 10:24 am EST today. Nothing revolutionary but it is interesting to see how much the interventions have cost the SNB, and that there is another benefit to them owning Euros.

EURO-SWISS: Marc Chandler of Brown Brothers Harriman estimates that

the SNB has spent $32bn to keep the SFC from firming (vs the euro)

since March. He says Swissy has fallen about 4.3% vs the euro over this

period. Chandler stresses however that the increase in SNB euro holdings

may also have a "valuation component" to it as well. Intervention is one

of the SNB`s "unique" QE tools he reminds. "Whereas the US Japan and

the UK bought their own bonds the SNB says its bond market is too small

so it has to buy foreign bonds and to do so of course requires buying

foreign currencies" Chandler says. Euro-Swiss currently at Chf1.5240

saw a range of Chf1.4576 to Chf1.5447 in March remained in tight ranges

in April and May and saw a Chf1.5004/Chf1.5380 range in June. In July

so far the cross has Chf1.5106 to Chf1.5271 with today`s spike caused

by remarks by SNB`s Jordan stating the SNB would continue to intervene

if necessary.