SNB is likely to diversify more when CHF eases, says Julius Baer. The bank's strategist David Kohl says SNB is likely to try and sell euros when EUR/CHF again approaches 1.2100. "EUR/CHF is pretty quiet now, but fears of a break-up of the euro zone have eased considerably, and the Swiss central bank will be looking to further diversify its euro reserves when the franc weakens," he says. "I haven't heard of any such significant sales recently, but the SNB usually conducts such transactions very discretely anyway." EUR/CHF at 1.2045.
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