His fault methinks by underestimating the impact of removing the EURCHF floor
- ready to intervene in markets
Yep, and ?
- doesn't currently expect deflationary spiral in Switzerland
- outlook for global economy still beset with risks
- decision to end cap was due to divergence on monetary conditions, was not an easy decision
- pick up in global economy should help cushion impact of exchange rate shock
Don't hold your breath on that last one Tom
EURCHF rallies to 1.0490 on the repeated mantra. USDCHF up to test offers/res at 0.9360
Shows just fragile/desperate for direction these markets are. Last time he said it (last week) and indeed countless times before, traders weren't interested
Funny ol' game
Full text of speech here
Update 08.20 GMT: Rallies faded. now 1.0470 and 0.9342.. No shocks there then
Come and have a go if you think you're hard enough
