2012.06.07 10:53:28 MARKET TALK: SNB Data Signal Large FX Buying - UniCredit

0853 GMT [Dow Jones] The Swiss National Bank's reserves data signal large FX buying, says UniCredit, though the CHF66.2 billion increase in the central bank's currency reserves in May is less than the rumored CHF200 billion. "As the franc has depreciated significantly, in lockstep with the euro in effective terms since April, a part of the rise in reserves measured in francs is currency-related," says UniCredit economist Alexander Koch. "Based on the latest breakdown of the SNB's currency investments, we calculate an exchange-rate impact of around CHF7 billion for May," he points out. "Currency-adjusted, the increase remains much lower than the rumored 'up to CHF200 billion,' but still at a massive CHF60 billion," he notes.(neil.maclucas@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires June 07, 2012 04:53 ET (08:53 GMT)