Was that Intervention in EUR/CHF?
January 29th, 2010 admin
There was a sharp move intraday in EUR/CHF that smells like intervention…but was it? SNB member Hildebrand and the Bank of International Settlement has declined to comment on the move in the Swiss Franc. The first chart shows today’s price action in EUR/CHF and the second shows the price action of EUR/CHF when the SNB intervened back in March. The move in March was much bigger – 400 pips compared to
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Pull up a 1-year chart of the Euro against the Swiss Franc, and you’ll quickly notice a salient trend: the exchange rate has hovered slightly above €1.50 since last March, with three notable deviations. The first occurred last March, when the Swiss National Bank (SNB) intervened in currency markets on behalf of the Swiss Franc, causing...
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Last week we raised the question of what the Swiss National Bank is waiting for and why they haven’t intervened . In that article we said “ Everyone has an uncle point and for the SNB there is no question that we are nearing that level… ” At that time, EUR/CHF was trading at 1.4272 and apparently today’s record low...
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