A rapid weakening of the swiss franc just prior to 07.00 GMT saw CHF pairs jump and eyes turn to the central bank
They've been frequently seen in "smoothing" operations in the past few months and have readily acknowledged that they will intervene when necessary
Yesterday's meltdown and flight to safety, with USDCHF falling to 0.9260, will have had them in anxious mode and this morning's move higher in the euro after the early wobble will have given them added momentum so their presence can not be ruled out. Equity market stabilisation will have helped the move too of course
USDCHF jumped from 0.9320 to 0.9430 before running into more offers that I highlighted on theorder-board. Currently back down to 0.9390
EURCHF rallied to 1.0880 from 1.0785 before also settling back lower around 1.0845 as I type
Expect more demand in the dips but there's still plenty of CHF wanted out there too
Author: Mike Paterson
No comments:
Post a Comment