Bank of Japan's Ueda Flags Low Real Interest Rates as Key Factor in Rate Hike Timing 
RBA's Hauser Flags Uncertainty on Rate Settings Amid Iran War Economic Risks 
Bank of Korea Nominee Shin Hyun-song Signals Possible Rate Hike Amid Middle East Inflation Fears 
RBNZ Holds Rates at 2.25% as Middle East Conflict Fuels Inflation Concerns 
BOJ Rate Decision in Focus as Yen, Inflation, and Nikkei Hang in Balance 
Bank of England Set to Hold Interest Rates as Inflation Risks and Iran War Impact Loom 
Bank of Japan Governor Signals Accommodative Stance Amid Negative Real Rates 
For the past month, looking at Euro/ Franc exchange rate, we have been speculating that Swiss National Bank (SNB) might be intervening in the market on regular basis to pop up Euro against Franc and to maintain some de-facto floor.
In January this year, SNB scrapped its Euro/Franc 1.2 floor, however seems to have maintained some de-facto floor around 1.02
Today's FX reserve details from SNB somewhat confirmed that theory. The average intervention has been highest this year, since 2011/12 Eurozone crisis. Last month SNB FX reserve increased by $16 billion, highest since July, as speculation over further monetary stimulus from European Central Bank (ECB), went rampant.
Since July SNB FX reserve increased by $49.8 billion or $9.4 billion per month. However with ECB providing lesser than expected stimulus, SNB balance sheet is likely to increase at much slower rate at least in first half of 2016.
SNB balance sheet size is now close to 90% of GDP.
Franc is currently trading at 1.002 against Dollar.
