You can bet your life they are and likely not to have been as surprised as us about the interest rate cuts. It’s more than reasonable to think that the Draghster will have had a quiet word with SNB chief Jordan and given him a heads up prior, given how sensitive the ECB moves are.
So they must keep their powder dry and hope the euro selling dries up, or alternatively wait until the market sells more and takes EURCHF ever closer to the 1.2000 cap.
The SNB are shrewd operators and know they will have to catch the market off guard/oversold to achieve maximum impact if called upon to have to act. Right now I make them reluctant to do so and as well as crossing their fingers and toes they will be weighing up the potential size of market force against which they are faced
Low so far today 1.2043 and now back to 1.2055
The game is still very much on.
