SNB's Jordan says they have intervened in forex market

Author: Mike Paterson | Category: Central Banks

Just out on the wires and going some way to explain the euro demand so far this morning

EURCHF 1.0410 off the 1.0428 highs after lows of 1.0312 in Asia

  • SNB has intervened in a difficult situation
  • will not comment on details
  • If Greece does leave the Eurozone then questions about the union must be asked
  • Greek default would be extremely difficult situation for Greek banks
  • SNB is not unprepared for Grexit
  • US economic recovery could be stronger

The SNB will probably have been soaking up a few euros in Asia too in order to prevent further losses in thin conditions

We know they're between a rock and a hard place and have been in the market previously to "smooth" since the Jan 15 debacle but this very public stance/intervention will be intended to frighten a few traders off or at least think twice.

Update:

  • SNB has always said it would be active if need be. The week-end's events justified such action
  • will keep a close eye on Greek situation and be ready to intervene if need be
  • SNB structure set up well to take decisions

EURCHF lower again at 1.0390, USDCHF also off its highs at 0.9385

EURUSD steady-ish at 1.1070

              SNB boss not be a happy man right now

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