- Swiss National Bank sets minimum exchange rate target at CHF 1.20 per euro
- Swiss National Bank statement
- ECB: Has been informed of SNB decision on EUR/CHF rate. SNB took decision “under its own responsibility”
- ECB buying Italian, Spanish govt bonds………again
- Euro zone Q2 GDP growth +0.2% q/q, +1.6% y/y. Y/Y rate revised very marginally from +1.7%
- German July manufacturing orders -2.8% m/m, weaker than median forecast of -1.5%. EconMin says momentum in industry order growth has receeded in recent months, but remains generally on an upwards path
- Swiss Aug CPI -0.3% m/m, +0.2% y/y, weaker than median forecasts of -0.1%, +0.4% respectively
- French FinMin: Doesn’t see France entering recession
- Spain govt spokesman: Italy, Greece not fulfilling plans – DJ
May you live in interesting times. Yer right. Another morning of absolute bloody mayhem.
Sharp swissy weakness main feature as Swiss National Bank moved to set minimum exchange rate target for EUR/CHF of 1.2000. Cross is up at 1.2030 from early 1.1020, having been over 1.2100 just after the announcement.
USD/CHF up at .8480 from early .7845, having been as high as .8559.
SNB decision saw EUR/USD spike higher. From early 1.4045 we’re up at 1.4185, having been close to 1.4300 after announcement.
USD/JPY firmer at 77.10 from early 76.80, having been as high as 77.60 after SNB announcement. Market will now be waiting to see if MOF/BOJ follows SNB lead and does something to address burgeoning strength of yen.
Cable sits at 1.6100, marginally firmer from early 1.6075.
