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.


  • 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