Not sure if there is an M&A deal going through or what but it sure feels like there is some sort of discrete flow in GBP/CHF going through that is distorting the market. EUR/GBP has been rallying to beat the band throughout the US session, accelerating to the topside after the FOMC minutes. Important resistance at 0.8805 was broken in the process, triggering stops which took us as high as 0.8820 so far.

EUR/CHF has been offered all day, sold off heavily by a US investment bank earlier in the day. It has recovered a bit in the hour or so as EUR/USD shot higher….