• Won’t provide details of SNB interventions
  • Further measures include higher deposit charge
  • Expects banks to pass on negative rates to big customers
  • Negative rates are the best measure at this time

All that remains to be seen is how the dynamics of the EUR/CHF trade have changed. With the world and his mate waiting for a pop over the gold vote I suspect that many have taken this opportunity to lighten up or get out altogether. That might make the market a little more two way now.

And to prove my point I expect we’ll see more comments along these lines.

SNB

Overchuffed

Looks like there will be more than a few glass raised to Mr Jordan at dinner tonight