The flushed out rumor is that the SNB will hike the floor tomorrow at the ECB decision.

I can’t stress enough how stupid that is.

First, it implies that the ECB has already decided what it will do and confirmed it to the SNB.

Second, it implies some wildly EUR-positive decision, when the leaks are nothing of the sort.

Third, it implies that the SNB has leaked the info when, time and time again, they have proven the ability to keep a secret.

Fourth, it implies that the SNB would still follow through on the decision to hike the floor, even though it had been leaked.

I’m sure the SNB would like to hike the peg one day but it won’t be tomorrow and it won’t be with EUR/USD below 1.30 and EUR/JPY below 100.