central bank reserves

Investors may wonder why the euro is not trading even lower given the almost universal bearish sentiment on the single currency. The answer could lie in Switzerland.

The Swiss National Bank shocked the market on Tuesday by announcing that, as a result of its intervention in the foreign exchange markets, its currency reserves leapt more than 50 per cent last month from $145.6bn in April to $261.9bn in May. 

The Argentinian justice system has ruled Congress should decide whether central bank governor Martin Redrado will keep his job. It was the courts that reinstated Mr Redrado following his presidential sacking. They also found in Mr Redrado’s favour, preventing the central bank from transferring a disputed $6.6bn foreign reserves, as requested by the President. The courts maintained that injunction today.