Faith in the Swiss National Bank’s willingness to support EUR/CHF reached a low ebb today as the cross dipped to 1.5509 before staging a sharp rebound to session highs at 1.5080 thanks to the BIS riding to the rescue of those nursing long EUR/CHF positions.
UPDATE: Sources tell us the BIS was very noisy in its buying, apparently trying to send a loud message. Makes one wonder why the SNB didn’t do the biz for itself while Europe was in the market. Seems a bit weasely to come in during the New York afternoon.
EUR/USD has come under pressure at midday, kinocked down as US equities turn sharply negative. The S&P sits at session lows down 1% at noon in NY. EUR/USD trades at 1.3537.
