08:39 AM EDT, 04/01/2025 (MT Newswires) -- Monday's figures on the Swiss central bank's (SNB) foreign exchange interventions, which amounted to around 100 million Swiss francs in Q4 2024, once again confirmed that the SNB is currently intervening in the foreign exchange market rather "cautiously," said Commerzbank.

In total, the SNB bought around 1.2 billion Swiss francs in foreign currencies last year to weaken the franc (CHF) -- not a particularly large sum compared with the 22.6 billion Swiss francs in foreign currency sales in Q4 2023 alone, when the SNB was still trying to strengthen the franc, wrote the bank in a note to clients.

However, the new figures will have come as little surprise to market participants, stated Commerzbank. While the SNB has emphasised its willingness to intervene more forcefully in the foreign exchange market if necessary, it has also repeatedly warned of the risks of an excessively large balance sheet.

With Donald Trump in the White House and the risk of being hit with United States tariffs for intervening to weaken the franc, the SNB is likely to remain cautious in the coming months, added the bank. However, with EUR-CHF now trading higher than at the end of February due to a stronger euro (EUR), the SNB is likely to be more comfortable with the franc at the moment than it was last year.