Possibly the biggest clue is this line from the SNB statement

Recently, divergences between the monetary policies of the major currency areas have increased significantly – a trend that is likely to become even more pronounced.

There may be an element of adding 2+2 and getting 5 here but if that’s their worry then it possibly means that something big is coming from the ECB that they wouldn’t have been able to defend at the floor so they are pulling the parachute chord early.

Mike highlighted this in an earlier post

We’ve got 2 hours until Jordan explains the SNB’s motive and while the markets may settle down (in relative terms of 1000 pips swings


) until then, his comments will likely see further wild swings on the details.

Until then, stay safe traders and make sure you’ve got stops in place.