What the Swiss are up to in the forwards market

The SNB buys Swiss for spot and sells it back out one month forward. They then leave the Swiss francs in the local money market trying to push short-term interest rates ever-lower.Just one more way o try and flood the market with liquidity.

Not sure whether they are doing the Swaps against dollars or euros. Most liquidity in the forward markets is concentrated in dollars rather than the crosses.

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